Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

On page 31 of the 2012 paper she wrote with Professor Blanaid Clarke on the crisis in the Irish banking system, Professor Hardiman makes the point that from the establishment of the Office of the Financial Regulator in 2003 to October 2008, not a single Irish bank was fined as a result of an inspection. She makes a contrast in this regard with the situation in the UK. What does the professor think this tells us, if anything, about the regulatory regime and the conduct of the institutions?