Chairman:

Before I bring in Senator Barrett, just to refer Deputy McGrath's earlier comments with regard to the powers of the Central Bank and the regulator's office, earlier in your report, Mr. Nyberg, page 7, in the introduction, you state:

The [Central Bank] was not powerless; it had the right to direct the activities of the [Financial Regulator] and it could advise the Government. There are, however, no records of such direction or advice or even efforts at such.

To your knowledge, Mr. Nyberg, were there discussions at the board of the Central Bank about the possibility of directing the activities of the Financial Regulator to address concerns about financial stability and also recommendations to Government?