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

You say in your opening statement, page 4:

The reports from the Nyberg Commission and Regling and Watson suggested ... there was a basis for taking some action by about the end of 2005. In hindsight I agree with this view and I consider now that the Central Bank should have escalated and reinforced its warnings on risks. However, at the time the Bank considered ... its approach in the 2005 Financial Stability Report was the correct one.

So what you're conceding there appears to be that you should have escalated and reinforced your warnings on risks, but are you stating that you should have went further than that and taken action, used the power that you had in the legislation to issue clear guidelines in respect of policies and principles to the Financial Regulator that you believed would have made a difference?