Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Thank you very much, Chair. Mr. Cowen, you say in your witness statement that the Central Bank Reform Act of 2010 has provided "a new and effective structure and brought further clarity to the roles and accountability amongst the regulatory and supervisory institutions of the State".

So can I ask, in your opinion, to what extent did the banking crisis influence the changes made to the regulatory regime in the 2010 reform Act, which addressed the division of responsibility for macro-level supervision and micro-level supervision between the Central Bank and IFSRA which was set out in 2003 originally?