Professor Patrick Honohan:

I think we are talking about the same tapes. However, they are selected transcripts and they do not have all of the elements we are now focusing on. That is why I said they were new. It is not as if we had all of this stuff, which would cast doubt over certain persons and pose questions about who should be running a bank. Alarm bells were not ringing. There was new management and a new board of directors in Anglo Irish Bank. We were relying on the new top management and the new board of directors to deal with its staff. We did not have any alarm bells ringing.