Ciarán Lynch (Cork South Central, Labour)
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On the home-made factors, Mr. Regling spoke about the pro-cyclical fiscal policy, which was the Government incentivising continuous spend, particularly in areas of property and so forth, weak governance and risk management within the banks, weak regulation and supervision of the banks by the Irish authorities, and the absence of forceful warnings regarding financial stability from the Central Bank. Mr. Regling also mentioned fiscal policy being that driven by Government, the governance of the Central Bank and other matters. In his judgement, having completed a report and upon review, how would he rank those factors in order of significance?