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

Okay. Both of you have raised the issue of the change to the regulatory structure in 2003 and can I put this to you first, Mr. Dunne, given that you served on the board of IFSRA and also the overall Central Bank board as well? Do you accept the overall conclusion that Governor Honohan reached on that issue? He examined the institutional structure and the changes that were made and he said in his conclusion: "Though few would now defend the institutional structure invented for the organisation in 2003, it would be hard to show that its complexity materially contributed to the major failures that occurred." Would you agree with that?