Oireachtas Joint and Select Committees

Wednesday, 10 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Ms Mary O'Dea:

Well, I think clearly consumers have suffered, but I do believe that that rule worked to the extent that it came in in 2007. Unfortunately, it was too late. I believe it should have been brought in earlier. We had to carry out regulatory impact analysis in relation to those rules and that delayed it. And I think if it had have been brought in earlier, that would have been better.