Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

We would have hoped the right person might have been here. As the main regulator of the financial institutions, will Mr. Molloy outline what has been put in place? I am reading this list. Trying to explain this to the public, this is jaw-dropping stuff, with the sheer amount of it and the number of companies involved over a relatively short period. There is a significant complaint from the public about it. The Central Bank is the regulator and Mr. Molloy is acting for the Accounting Officer here today. The Committee of Public Accounts wants to know what steps the Central Bank has taken since then to protect the public interest and ensure we do not have this kind of calamity on a rolling basis, affecting others next year? The taxpayer and public are mopping up after developers. We bailed out the banks and are paying every week for that. We are paying into numerous compensation funds due to a failure of regulation in this country. In this case, the buck for financial regulation stops at the Central Bank's door. Is that correct?