Eoghan Murphy (Dublin South East, Fine Gael)
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Let me move on to the regulation model. I do not know whether it is a contradiction in Mr. Regling's report but he talks about the structure or regulatory model at the time having been an experiment and about it coming from a compromise. When his colleague, Mr. Watson, was in front of the finance committee, he said in relation to not having the prudential director on the board that everyone knew it was wrong, so much so that they wrote to the Department of Finance and said, "We cannot possibly do that". It was said he was to be put on a board anyway. Mr. Regling concludes that the design of our regulatory system was not the issue. Can he expand on what was happening in terms of the design, in the first instance, and why the design was not an issue given what happened?