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

I am not going to be.

In his opening statement, he outlined a system of trial and error. There is a strongly held belief in Ireland that we have been at the thin end of the wedge, to use an Irish phrase, in terms of that trial and error process. While changes may have been made subsequently, regulation for which the Commission had an oversight responsibility was wholly inadequate and not fit for purpose until quite recently. It has since taken a more in-depth responsibility for the 120 biggest institutions.