Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay. And maybe just to test that proposition further, in earlier testimony, I think it was Mr. Roux from the Central Bank who was here, and, a line of questioning developed with him that the principles-based regulation, which is the formal term for what later became colloquially known as light-touch regulation, was an international rule; it wasn't just specific to Ireland. But the interpretation of principles-based regulation may or may not have been applied in the appropriate way that they may have been in other jurisdictions, given the level of indebtedness and the impact of the financial crash in this country. In any way, was the establishment of the Irish financial services centre a vehicle by which the interpretation of principles-rules regulation was applied differently in this country to other jurisdictions?