Mr. Edmund Honohan:

A letter from the Central Bank to me dated 20 March. This is information that the Central Bank is aware of. It is its position on the conclusivity of ownership of the asset after a true sale. It is very coy in that it says it must be assessed on a case-by-case basis. Two questions arise out of that. Why did it not tell the judges that? There is no mechanism for it. Why did the plaintiffs not the tell the judge? They do not understand it either. Then the question is, when is the Central Bank going to do the examination of ownership of assets after a true sale on a case-by-case basis, if that is what is required under EU law? Is the Central Bank ever going to do that, or is it simply going to say, "No, we will walk past the Four Courts. The Four Courts will eventually get around to looking at this but we are not going to bother ourselves".