Professor Niamh Hardiman:

I am not an expert in banking regulation; I am not really equipped to speak on that. More generally, the points I am raising have to do with our capacity to ensure accountability and democratic legitimacy, insight and oversight. All the points I have been making about having really informed and engaged parliamentary debate are important. Another important point to which I am drawing attention is that, in all our institutions, there is a need to develop the capacity for critical reflection and the encouragement of engagement. Professor Patrick Hohohan's report mentions the culture of hierarchy and authority inside the Central Bank and Financial Services Authority of Ireland. That is the enemy of critical debate, critical inspection and good governance.