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

In his report, Governor Honohan notes that pressure was exerted on the Financial Regulator. Can you comment on his view that the Financial Regulator acted in a deferential manner towards the Department of Finance in regard to proposed legislative changes and he cites compliance statements, fit and proper requirements, etc.? Can you characterise the relationship between the Financial Regulator and the Department of Finance?