Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Thank you, Chair. You're very welcome, Mr. O'Reilly. Can I start by asking you, in relation to the banking crisis, and I suppose the fact it happened is the ultimate measure of the effectiveness of the use of supervisory powers but, in your view, essentially what went wrong and who was responsible, given the fact that banking supervision from 2003 to 2008 failed to prevent an unprecedented systemic crisis? What do you believe are the essential factors that led to that crisis and what went wrong?