Oireachtas Joint and Select Committees
Thursday, 28 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Patrick Neary:
No, the authority is IFSRA, right, and the board above that is the CBFSAI, which is, you know ... these acronyms are very difficult. But let's say that there's a legal entity, let's call it a central bank for the sake of argument, for simplicity, and carved out of that is a subset, like, which is the authority, the regulator. The regulator legally acted, you know, in the ... legally was part of the Central Bank and all the actions it took was in the legal name of the Central Bank. But the law, as it was structured, to this carved out entity within the overall entity, gave us direct responsibility for discharging the obligations ... the legal obligations in respect of regulation.
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