Mr. Pádraig Ó Ríordáin:

I think probably the best way of answering that is to contrast now versus then, and, undoubtedly, then there was much lighter touch regulation, you know, at a macro level. In terms of the purpose of that, whether that was just directed at IFSC I would say that ... just as an observer. I would say that was an element of the regulatory response at the time but how much it was a core or essential feature of policy as that was communicated to the Central Bank, I don't know, but, certainly, if you look at the contrast between then, which is light touch, and now, which is quite different from that, I think you do see that contrast.