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

Thank you. In relation to the Honohan report, page 16. There's a critique, if you like, by Professor Honohan of regulation in this country and I want to put the quote to you:

a regulatory approach which was and was perceived to be excessively deferential and accommodating; insufficiently challenging and not persistent enough ... This was in an environment which placed undue emphasis on fears of upsetting the competitive position of domestic banks and on encouraging the Irish financial services industry even at the expense of prudential considerations.

Do you accept that criticism of-----