Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Bertie Ahern:

Well, I'll repeat what I said earlier on. I don't know where you get the notion that the Better Regulation White Paper, had anything to do with light-touch. It was not light-touch; it was good regulation. It was to ... based on an OECD model to improve regulation. I had done, I think, considerably good work on the statue law revision of the Oireachtas on both legislation pre-1922 and the statutory instruments, where we updated the entire Statute Book and legislative book going way back to ... hundreds of years. And as part of that initiative, we wanted to get to a situation where the easy option wasn't always taken, that a statutory instrument or regulation would be the first thing that was looked at. And there were five principles or six principles set out in that White Paper. But it was not light-touch, it should not have been considered light-touch; it was better regulation.

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