Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Go raibh maith agat, a Chathoirligh, agus fáilte roimh an tUasal Neary. I want to ask you in relation to ... just in relation to your actual principles-based approach and I put it to you and it could be suggested that not only did you implement and celebrate a principles-based approach but you went actually further than a principles-based approach because the rules that apply to that approach were not possible to be followed through, given all that we've heard early on in terms of resources. And I want to put this quote to you that you gave in a speech in 2006 at the Regulation 360 Conference "We feel a regulatory approach is good for business and that it is not overly rules-based and encourages good business practice by allowing each regulated financial service provider to determine for itself how best to abide by regulatory requirements." Does that not mean that you were allowing the banks to regulate themselves, given the fact that you had no ability to follow up on sanctions during your term?