Mr. Liam O'Reilly:

I'd say that the Government's White Paper on good regulation certainly coloured how this matter evolved. For instance, it did approve of the principles-based regulation system at the time, it said that there had to be a lot of consultation between ourselves and the banks, and I must say during my term in office, it slowed down the the way in which we could implement things that we wanted to implement in a faster manner, and this whole idea of over-regulation was over-emphasised. And that was all part of Government policy.