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

Thank you. There may be a view that the approach of principles-based regulation arose from the new structure in 2003 but you state in your opening statement "The core strategy of IFSRA was a 'principles-based' approach. It was a continuation of the approach to supervision, previously adopted by the Central Bank." So, can you clarify, in your view, since when - in Ireland - was there a principles-based approach to regulation of banks?