On the 28th November, the Central Bank published a statement welcoming the agreement of the Programme for Support negotiated by the Government with the European Commission, European Central Bank and the IMF. Governor Patrick Honohan said that the backstop funding which was made available means that fiscal and banking policies can be fully implemented and market confidence returned. The Head of Financial Regulation, Matthew Elderfield, said that the measures provided an immediate and significant strengthening of the capital position of the Irish banking sector and means that considerable contingent capital facilities are also in place as a further backstop for the banks.