Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

In this regard can we ... can I ask you, why was nothing done by the Financial Regulator to prevent further relaxation of lending policies well before house prices were becoming clearly overvalued? Like, what we have is a situation I ... when ... before you came to office, where somebody went down to get a mortgage, they had to put their income on the table, that was very heavily scrutinised, they were granted a mortgage on a ratio of maybe three times that, they had to come up with a 10% deposit on the property, they were expected to clear their mortgage within 20 years, and there was no such thing as 100% mortgage, and all the rest of it, and the house price was kind of somewhat within two to three times their income, and they would have it cleared in 20 years.