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

You don't ... well, I understand, and I think the point you're saying is that boards of directors have responsibility and, you know, the structure of the bank to their own shareholders. But we've uncovered a lot of, I suppose, evidence from different sources of a very deferential relationship that existed between the banks and those who were supposed to be regulating them, not least details of social events that took place in or around the time of the guarantee.

Do you not favour, or do you favour, a more hands on - even with the benefit of hindsight - form of regulation and do you not feel that that actually was a crucially ... a crucial failing in what happened?