Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Mr. Neary, can I put to you some of the central conclusions of Professor Honohan in his official report on the regulatory approach? He said:

It was and was perceived to be excessively deferential and accommodating, insufficiently challenging and not persistent enough. It meant not moving decisively and effectively enough against banks with governance issues. Corrective regulatory intervention was delayed and timid. There was a pattern of inconclusive engagement with regulated entities on prudential matters and a lack of decisive follow through.

Do you accept that?