Susan O'Keeffe (Labour)
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Between 2004 and 2006, which Professor Honohan regards as the crunch time when things started to unravel, if regulation had occurred at that stage perhaps things might have changed. It seems to me that at the very time when banks became more aggressive in selling loans and credit became cheaper and more plentiful, regulation became less efficient and there was less interference or involvement. It is an odd coincidence that at the very time when banks were ramping up their activities, the regulatory side started to fail. Why did it happen at that point?