Oireachtas Joint and Select Committees

Thursday, 5 February 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Mr. Mario Nava:

I sympathise a lot with what the Senator said because the curse of the legislators and the regulators is that they have few instruments to tackle what he calls, appropriately, "legacy issues". What we can do is go forward. Now with 15-year insights, there is common recognition that they were flaws in the design, which we have tried to cope with and improve, but, unfortunately, the fact of the matter is that in a difficult job like mine, the job of regulation has this curse of being unable to deal with what has happened. We can make sure that it does not happen again, and that has been my statement. We try to make sure that it does not happen again but what has happened has happened and we need to find a way to make it least difficult for the people who have suffered a lot through it.

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