Sean Barrett (Independent) | Oireachtas source

In the context of the 2006 capital requirements directive, we have heard evidence that by that stage in Ireland the damage was already done so the fact that nothing happened between 2000 and 2006 was very serious. In Mr. Nava's presentation he said, with regard to EU directives before the crisis, that "nothing in the directives prevented member states and their national supervisors from taking appropriate measures to reduce further the risk of a bank failing or risks to the stability of the financial system as a whole". Was the EU just standing by at that stage? With regard to the EU capital requirements directive, he stated that "if national supervisors had used these powers to the full extent, a number of major difficulties could have been prevented". I think the crisis was out of control in Ireland by that stage and those missing years, between the creation of the currency in 1998 and 2006, are crucial. Did the EU know what the Irish Central Bank was doing at that time or that there was a crisis in Irish banking? Did it report adequately and sufficiently?