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

On page 18 of the 2012 paper, there is reference to an initiative by the Central Bank in 2005 to introduce a corporate governance code for credit institutions and insurance undertakings. The bank engaged in pre-consultation in 2005 and 2006, but decided to delay the code until early 2007. The point is made in the paper that this delay was unfortunate as the introduction of the code, even at that late stage, might have shone light on the serious corporate governance deficiencies in some of the institutions prior to the Government's decision in September 2008 to guarantee the banks. Will the professor expand on what difference it might have made if those new corporate governance code arrangements had been introduced at an earlier date?