Catherine Connolly (Galway West, Independent) | Oireachtas source

On best practice, I accept that Mr. Quinn has come here and, from what the Comptroller and Auditor General has said, complied. I welcome that change. However, reference to best practice not being there at the time sets off memories of poor regulation in Ireland and what led to the downfall in the first instance. Unfortunately, the Central Bank has a particular onus on it to lead. It is there to regulate and in its mission statement - I am not here to preach - there is an extra onus on it to lead and to follow best practice. The bank aims to ensure that regulated firms are financially sound, safely managed and so on. If the bank has that role, there is an extra burden on it to do it 100% right. If the report of the Comptroller and Auditor General was not before us, what internal mechanisms did the Central Bank have in place to highlight problems and address them?