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

Can I ask, do both of you accept that while principles-led regulation was the orthodoxy of the time, that principles-led regulation could have been more intrusive? We have heard evidence along those lines from Cyril Roux, for example, currently the deputy governor and head of financial supervision, that being principles-led did not necessarily mean light-touch. It could have been more intrusive in terms of approach. Do you accept that, Mr. Dunne?