Sean Barrett (Independent) | Oireachtas source

I think we'll note that because we have to take account of measures to prevent any recurrences and so on, so the reforms you've have been talking about are important and commissioning of the Wright report. You say on page 36, in the case of the Financial Regulator, he was not in a position to give the DOF a clear insight into the depth of the problems of the loan books of the individual institutions and it was necessary to engage outside advisers. In fact, we've found that, I think, Anglo and Bank of Ireland were both regulated, I think, by three people. Should it not have been the situation that we should have had warnings about concentration in property, reliance on wholesale market and too much borrowing at too high a loan-to-value ratio and that these things should have been flagged and the Financial Regulator should have been able to tell you that some of the individual institutions were in serious trouble?