Mr. Tom O'Connell:

I think there are lots of parties at fault in ... the first line is clearly the commercial banks' boards and management. I mean Greenspan famously said he believed, with the light regulation, he believed that bank executives wouldn't run their banks into the ground. So the banks' boards and senior management were in the first line. The second line, which not many people have focused on, is the institutional shareholders who had their funds at stake, investment management funds and so on - life companies. They had large shareholdings in the banks. I mean, why did they not rein in the banks? And then behind that, you had the authorities - the Central Bank and the Financial Regulator. So, they all had their part to play. Now, unfortunately, with the principles-based regulation the authorities were sort of behind the curve on that, but the primary responsibility was clearly with the banks' boards and their senior management.