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

Your opening statement goes into some detail about the changes at, at European level and you describe the changes as being profound - the additional capital requirements, for example, since the crisis. But can I ask you, Mr. Roux, to give us your view on the responsibility for the regulation of the banks in Ireland in the years leading up to the crisis? To what extent can it be attributed to weak rules at a European level, or to what extent do you believe it is related to the system of regulation in Ireland and the manner in which that regulation was actually carried out? Where do you apportion a weighting on both of those?