Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

And it's dealing with principles-based regulation and the fact ... I suppose, what I really want in the context ... you received an internal memo in August 2005 where ... effectively during your tenure, where there was ... you could have had a very modest increase in the capital requirements for new high loan-to-value mortgages. Now, this wasn't implemented until 1 May 2006. So the question I'm asking is two questions: under principle-based regulation, what was to stop you - with your officers - going into the banks, looking at the process by which loans were granted? Not the process ... so ... to look at the type of securities they had and so forth. And furthermore, why didn't you implement this particular proposal during your tenure because it took nearly eight or nine months before it happened?