Marc MacSharry (Fianna Fail) | Oireachtas source

Thanks very much and thanks, Minister, for being here. From his experience as chairman of IFSRA, Brian Patterson, suggested to the inquiry, and I am quoting:

A modern Financial Regulator needs a board with regulatory experience and skills. It needs an enabling legal framework with strength to counter the naturally powerful influence of the banking sector. It needs to be well resourced, to have a fast-moving capacity to develop its IT capability and to recruit expert staff. It needs freedom of action and clarity in its legislative mandate [and] that it’s single-mindedly to prioritise the stability of the banking sector over other competing public policy goals.

Do you believe the current structure adequately fulfils each of these criteria?