Sean Barrett (Independent) | Oireachtas source

Honohan, as you know, has case study (i) and case study (ii) in his report. It's on page 73. As early as August 2000 a Central Bank official was aware of problems in the case study (i) firm and it never seems to have been corrected right through to the crisis. And some of that was on the Central Bank's watch and some of it was on the Financial Regulator's watch. The picture I get is that the Central Bank wasn't engaging in supervision and then there was a turf war after the 2003 Act and that contributed seriously to the problem.