Sean Barrett (Independent) | Oireachtas source

Another finding on page 73 was that the supervision being carried out was pretty ineffectual. Let us consider case studies Nos. 1 and 2. The first was in August 2000. The Central Bank found that a bank had failings at every level from the chief executive and board to the staff at the desk but nothing happened for eight years. Why did the Central Bank want these powers when it was obviously not exercising them? In case study No. 2 Professor Honohan refers to how it took several months for a letter to be issued and at least as long for a response to arrive. Obviously the bank was not very good at this task, which it lobbied to be given as part of its opposition to the McDowell report.