John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I want to quote a quote which has got a lot of coverage maybe in subsequent questioning of other witnesses, from him, from his evidence on the day he was here. I'll quote him directly. He said, "None of the authority - the board - had any experience in regulation [regulating banks]." You would have had some input, I'm sure, into the nominees onto the board of the new regulatory authority. How come we could have appointed, or Government could have appointed, a board of people to regulate that had, between them, zero experience of regulation?