Michael D'Arcy (Fine Gael) | Oireachtas source

Mr. Neary, in your opening statement, under the term "Regulatory Strategy", you state:

The strategy also set down the objectives of the authority. One of its objectives was that its regulatory approach would facilitate innovation and competitiveness.

You subsequently discussed the White Paper entitled Regulating Better, issued by Government, and you state: "I [can] understand [that] initiatives such as this formed a perception of the authority as a 'can do' entity, willing to prioritise industry demands rather than appearing more detached and discerning." Can I put it to you, Mr. Neary, some might suggest that what the Financial Regulator's office promoted was reckless behaviour by banks? Is that fair?