Oireachtas Joint and Select Committees
Thursday, 23 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source
Yes, it's a valid point. I suppose we didn't have a detailed, if you like, alternative scrutiny mechanism for overseeing banks and our policy at the time, in 2002, was we needed a robust evaluation of how fit for purpose it was. So, that was a question of doing a detailed assessment. It wasn't a sort of a policy change. Personally, I'm not sure that the structures were at the source of the problem; it was the lack of forensic investigation, the rather cosy relationships that were there and so on. Those were the weaknesses.
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