Oireachtas Joint and Select Committees

Thursday, 28 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Patrick Neary:

No, you see, this was, this was one of the issues, that one of the things that had to be done as part of that job was to define the rules, because the administrative sanctions process was very detailed and had to comply with ... you know, best practice, best legal practice, so there was a concept known as the "prescribed contravention", I think that's the phrase, it's stuck in the back of my head and I think it's right. So that had to be, that had to be, first of all you had to define the behaviour, and then you had to see was that a prescribed contravention of that behaviour, whatever happened, and then you had to decide was there enough evidence to commence an inquiry, and then you had to have separate people doing the inquiry. It was very convoluted and a very, very complicated process.

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