Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

From my reading of his report, Mr. Nyberg saves some of his sharpest criticisms for the Financial Regulator and the Central Bank. He states that the regulator's approach was to trust bank leadership to make proper and prudent decisions; even when problems were identified, the regulator did not subsequently ensure sufficient corrective action was taken. He is critical of the appetite to prosecute challenges. He states that the issue is not the legislation or the powers but the willingness and ability to use those powers. He makes very strong criticisms of the Central Bank as well. How did it come to pass that the authorities were so unwilling or so unable to execute the powers they had in respect of financial stability and over individual financial institutions?