Professor John FitzGerald:

The Deputy asked why I had not been concerned about the banking system, given that I had worked on stress tests and been concerned about them. I suppose it was partly because I had not taken it any further than macro-economics. I made it clear that I was not getting involved with the banks in their own internal workings; I was not a party to what they did after that. The fact that they were concerned did raise concerns for me, but in 2008 I thought we would escape the worst of it.