Susan O'Keeffe (Labour) | Oireachtas source

I have just two further questions.

Given that Mr. Buti knew at the time there was no sanction for the recommendation and no follow-up, given that he described the model he was able to use as being flawed and given that there were plenty of difficulties, such as the incomplete toolbox, can he understand why people might say it was the best of free-market thinking, with light-touch regulation, and that this was why the Commission did not have the tools, why the model was not great and why there was no sanction? In a way, was it not the case that as 2001 rolled into 2002, 2003 and 2004, the Commission did not pursue the matter because it was, perhaps, afraid of alarming the markets and causing a fear factor?