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

I understand what Professor Walsh has said. Other witnesses have used the term "Wild West" a lot to describe the banking sector in the run-up to the collapse. A lot of commentators have made the point that the audit process did not reveal, satisfactorily at least, the difficulties that existed in the balance sheets of Irish banks. Did a Wild West situation exist? I do not want to ask a leading question or I shall be accused of doing so. Even with external auditing, and I do not suggest that there should not be external auditing, did a Wild West situation not exist in the run-up to the crisis?