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

Right. Secondly, is it fair to say that based on the fact with the principles-based regulation put the Financial Regulator third down the line of protection, that, and the fact that the board of the Financial Regulator had no-one with financial regulatory expertise, so you couldn't actually oversee the quality of work being done by the executive? That in substance, legally, the Financial Regulator was required to regulate the banks but in substance the banks were regulating themselves and controlling their own risks. In substance now, not legally, in substance.