Professor Patrick Honohan:

It would not have to be a cosy club. It is separate from a cosy club. Even without a cosy club, the Governor or the Financial Regulator may get a call from a firm saying, "I do not know why I am getting messages like this and what are you going to do about it". Hopefully, in a well-run organisation, the Financial Regulator will say, "That is the first I have heard about it and let me review the situation."