Michael D'Arcy (Fine Gael) | Oireachtas source

Thank you, Chairman. Mr. Beausang, you're welcome. On page 3 of your opening statement, Mr. Beausang, you state, "The model of 'principles-led' 'risk-based' supervision was set out in IFSRA's Strategic Plan." Section 5.4, you also state, "We knew that IFSRA’s supervisory approach was, therefore, strongly underpinned by a comprehensive system of technical regulation encompassing specific rules, regulations, codes and the supervisory powers necessary for their implementation." And this is a question that I put to other witnesses, Mr. Beausang. Why did the Irish principles/rules-based regulation, which was similar to other EU countries' rules-based regulation, fail so much worse than those other countries who had similar regulatory systems?

This is a question I have put to other witnesses Mr. Beausang. Why did the Irish principles rules-based regulation, which were similar to other EU countries rules-based regulation, fail so much worse than those other countries who had similar regulatory systems?