Former financial regulator blames ‘the system’ for crash

Former financial regulator Patrick Neary has pointed the “finger of responsibility” at government, the Central Bank, financial institutions, the ESRI, and Europe for what politicians have said was his own failure to do his job.

Mr Neary made the remarks during an eight-hour meeting with the Oireachtas Banking Inquiry in which he admitted not enough was done to prevent the economic crash and Ireland’s resulting bankruptcy.

Mr Neary said he was “deeply sorry” for “system” mistakes that ultimately cost taxpayers €64bn.