Éamon Ó Cuív (Galway West, Fianna Fail)

I am honest enough to admit that I did not fully understand the catastrophic mistakes in the construction of the euro, but I understand the greatest minds in the financial system, including some in the Minister of State's party, did not recognise them either.

Second, light touch regulation in the financial sector worldwide, including in Ireland, led to serious consequences. I am also honest enough to admit that if someone had told me five or ten years ago that AIB and Bank of Ireland - everyone is focused on the IBRC but it holds more than half the bank debt - would not be able to run their own businesses in a proper way, I would have been sceptical about that being the truth. We have found out since, however, that they were unable to do so properly and effectively. That came as a surprise not only to me but also to many Government Members.

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