Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I welcome Mr. Nava. I wish to raise a couple of points. The first two pages of his testimony deal with the whole area of supervision, mostly in a European context. Mr. Nava said it was up to the regulators in the individual countries. In terms of risk management and effective early warning systems, how would he view the Irish system? To use football parlance again, was there a situation in which the offside rule, in terms of the way the banks were operating, was not being properly enforced by the referee - that is, the Irish regulator? Was it effectively being misinterpreted?