Professor Patrick Honohan:

Well, this is quite interesting, Deputy, because I was astounded. We had ... we, in the Central Bank, helped, you know, the Department of Finance and the parliamentary draftsman and ... or through the Department of Finance, with the drafting of this kind of legislation. And there were ... there were many meetings going on about the nature of this resolution mechanism and I was getting some briefings on it. It's not my special area so I wasn't really very close to it. Suddenly ... suddenly I discovered that the whole draft that was being worked on was not going to be the draft now and there was another draft. So somebody else was working, you know, presumably in the Department of Finance, on another track with a faster and cleverer piece of resolution legislation. So the preparatory work was being done and it was quite quick. It was brought in in December ... December 2010 and I think the press ... the "go" button was only in the context of the troika programme. But, obviously, the preparatory work had been done.