John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I wish to refer specifically to pages 48 to 51 of Professor Honohan's report, where he makes reference to directors' compliance statements and the role of auditors. Subsequent to the publication of the report - I think in June or July 2010 - Professor Honohan was before the finance committee and he highlighted a number of areas that would merit further investigation. One of these was the role of auditors. In his report, he details that the then Minister for Finance, in December 2006, made it known to the Financial Regulator that before introducing a regime which would force bankers and auditors to sign a statement confirming their compliance with proper banking practices that it was important that they, and this is a direct quote, "assess the competitiveness issue". Can Professor Honohan elaborate on how significant he feels the Minister for Finance's intervention was at that particular time in preventing the degree of banker and auditor compliance being put in place by the regulator's office?