John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

You made ... in the very first set of questions Senator Barrett asked, you made a statement which I think many people watching would find extraordinary and I'd ask you maybe to clarify it if you could. You stated that "during my term of office we were searching around for a method to dampen credit." Now, I think people would have expected that the chief executive of the regulator would have found, within a three-year period, a method of dampening credit.