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

Governor Honohan, in his report, reached a central conclusion in relation to regulation and he said:

... a regulatory approach which was and was perceived to be excessively deferential and accommodating; insufficiently challenging and not persistent enough. [It] meant not moving decisively and effectively enough against banks with governance issues. It ... meant that corrective regulatory intervention for the system as a whole was delayed and timid.

Do you accept that?