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

Would you hold to the view, as I suspect - this is the last one - that many taxpayers who might be watching here today that, fundamentally, the regulator is the first line of defence, from the taxpayer's point of view, in terms of banking supervision and banking failure and, like, while the boards may have a responsibility, particularly for shareholders, but that the regulator's primary ... and was that first line of defence, from a taxpayer's point of view?