Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Now:

Given the international trends, a principles-based approach [which has been referred to here as light-touch regulation, that's my comment] to supervision was also seen as important in developing Ireland as an international centre for financial services. Further, in accordance with the 'Better Regulation' agenda, the financial services industry in Ireland has been given significant influence over the approach to supervision in Ireland.

And just one more quote, Mr. Cowen, is that Mary Burke, who was head of banking supervision said in relation to the same issue, and I quote from her statement to the tribunal ... or to the inquiry rather. It's simple to comprehend. She says:

Other factors which I consider influenced the approach to regulation and supervision were [the Financial Regulator's] mandate to promote the financial services industry and the existence of the International Financial Services Centre ... The desire to portray Ireland as business friendly led, I believe, to a reluctance to introduce prescriptive rules and a particular focus on keeping costs down [and then continue a little while on] ... This decision was driven by a concern that the IFSC might otherwise be categorised as an off-shore centre with associated negative connotations.

Do you agree with those two contributors to the inquiry?