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

Thank you Chair, you are very welcome, Mr. Hurley. Can I start by asking you in relation to the Honohan report which pointed out that, prior to the financial crisis in 2008, there were no sanctions imposed on credit institutions and none that might be said to have reflected significant prudential concerns. Can you comment on why, in your view as then Governor, as distinct from regulator, no enforcement actions were taken during that period in relation to prudential regulatory breaches, in your view?