Mr. William Beausang:

The better regulation agenda was the responsibility of the Department of the Taoiseach, although it was obviously an influence on work across all Government Departments. Clearly, looking at the regulatory structure, the supervisory structure, the financial stability structure, there was huge failures. The regulatory structure didn't prove effective. I talk in my witness statement and in my overview that I gave this evening that was seen to be the mainstay of financial regulation, the Basel framework, subsequently has been, you know, by very authoritative bodies, it's ... the conclusion is that it was deficient and it had serious weaknesses and it didn't contribute to ... it didn't contribute to meeting the objectives that had been set for it when it was originally adopted.