Mr. Rob Wright:

This was a huge problem and one does not have to say it is one or the other, if somebody has a view. I was not trying to. I think the social partnership achieved a great deal for Ireland. Even though it led to massive excess spending, it overwhelmed the fiscal framework of government. It certainly enhanced the cohesion and outreach, and connected with the people very strongly, but I was not looking for a scapegoat. I do not think that it is. I think it is a reality and it is something that you will all have to deal with. How does one restrain expectations in a period where, if one does not, it is dangerous?

We have had observations on all parties. I have not had observations on the Financial Regulator because someone else has been doing that, but clearly there were gaps.