John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Okay. Can I ask then, in reference to your ... your evidence earlier today where you spoke at length about the principles-led approach that existed in regulation at the time. And this morning, you said:

Trust and reliance was placed on the bank boards; banks should have known. We believed that they were best placed to judge risk. There was trust put in the banks to run their affairs prudently.

If that was the case in terms of prudential matters rather than consumer matters, what was your job as regulator?