John Paul Phelan (Carlow-Kilkenny, Fine Gael)
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My final question: in evidence last Thursday Mr. Hurley said the following: "In fact, in the course of the crisis, because we had a smaller banking system, and because we had developed very close links with the banks, particularly in the type of meetings I referred to earlier ... my assessment is we had far more information than some of the larger countries where the logistics were much more difficult." Firstly, I'd ask you do you agree with that statement from Mr. Hurley? And then, if you had access to much more information, how is it that you didn't appear to recognise the dangers that lay ahead at the end of 2008?