Oireachtas Joint and Select Committees
Wednesday, 10 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Ms Mary O'Dea:
Well, the model that was used wasn't about finding out where there were breaches because principles-based regulation was a completely different model and what that meant was that you went into the firm, you checked their governance, you checked their risk models, you checked their audit function, so it wasn't a case of going in looking for breaches.