Marc MacSharry (Fianna Fail) | Oireachtas source

Thanks very much and thanks, Mr. Cowen - welcome. In early 2004, the White Paper, "Regulating Better" set out core principles of good regulation and a programme of actions to give effect to these was drafted and published by the Government. In December 2006, you announced a proposal for moderation ... sorry, modernisation of the legislative regulatory framework. An advisory group was set up by the Department. Based on these facts, would you say that it was the Government who set the tone how regulation should be carried out or was it the Financial Regulator making the decisions?