Ms Mary Harney:

I don't believe that the regulatory structure caused that. I emphasise again that I think the main responsibility must lie with those that made the bad lending decisions, the reckless lending decisions in many cases but can I say in relation to the regulator, it's been advanced here, both by Mr. Patterson who chaired the financial regulatory authority and by Patrick Honohan in his report, that the regulatory structure was not the cause of the problem.