Professor Patrick Honohan:

The original idea was that we would do one of those every year. We decided here in Dublin that it was not such a good idea. We did not have enough new information, etc. We told the troika it was not a good idea and it eventually agreed it was not a good idea. We have now decided to break it into a number of phases. This is the first one since 2011. We will do one part of it before Christmas. We will do the other two parts of it in the first half of 2014. I could use all of our time explaining what is to be assessed. A great deal of work is being done at present. We have engaged many firms. Basically, they are repeating much of the work that was done in the spring of 2011. They are doing it better. They have a little more time to do it. One of the other Deputies asked me why it took so long to commission the audits for the mortgage arrears. There is always something else going on as well.