Professor Patrick Honohan:

A junior staff decision is not the final thing. Somebody will think, “Oh, look it was overruled.” Yes, because that is why bosses are there - to make the final decisions. The problem I see is that the final decisions may not have been made and probably in some cases were not made on the basis of a good judgment of prudence versus development. In some cases - this is why it was mentioned here - without really saying, "Okay, I have a representation. Let me find out what the staff think, let’s think it through, let’s see the arguments on both sides". It was more this will be sorted on the seventh floor.