Professor Patrick Honohan:

I absolutely agree with the Deputy and I do not intend to endorse it. We will come down very strongly on the evidence mentioned by the Deputy. I have specifically included a statement that a bank's proceeding lightly to legal recourse with co-operating powers is not tolerable. It is not tolerable under the code of conduct anyway, which we revised in May this year, regardless of targets. That is a bedrock and a legally enforceable issue for the banks; there will also be consequences if targets are not met.