Mr. Alan Dukes:

I could not possibly comment on that because the Chairman might have to pull me up on it.

Deputy Durkan asked whether the process was sufficiently investigative and forensic. It has not been up to now but it seems to me that the structure that is there allows it to be, if the participants set out to do that. There were a number of other comments and I will leave it to Mr. Tutty to comment on them, except one final issue.

Deputy Durkan suggested that austerity did not cause the problems but was a result of all the problems we have had. On whether the policy that has been followed was ideal, I believe it was far from ideal. Although this is outside the context of the documents we are discussing, if we follow the logic of the steps outlined by the Commission, which we in the institute have said are too slow and unclear, a feature of the crisis we have been through is that the action that has been taken and the results we have had from it have not in any way reflected the underlying financial strength of the euro system. I believe a great many of the issues and a significant part of the austerity that has been visited upon us are as a result of the fact that we have not used the collective strength of the euro area system to best advantage.