Michael D'Arcy (Fine Gael) | Oireachtas source

Again this morning I put to Mr. O'Reilly, Mr. Patterson, that principles-based regulation in this jurisdiction was similar to principles-based regulation in other jurisdictions. And yet our crash in the banking sector was 40% of GPD, a multiple times that of other countries. Can you explain how we were so much worse than other jurisdictions with the same principles-based regulation?