Ms Mary O'Dea:

Well, I think it's absolutely true to say that the regulatory system that was used - you talk about a period from 1996 to 2006 - actually there was many changes I think in the system over that time, and it did fail here, it failed internationally, it failed in Europe. And I think that is absolutely true and as consumer director, as somebody who held the position of consumer director, I think it absolutely true to say that consumers are in a very difficult position and I regret that the regulator was unable to prevent that situation.