Regulator admits it was slow to act

THE Financial Regulator has conceded it should have taken “earlier and stronger” action to curb Ireland’s explosive credit growth.

Acting chief executive Mary O’Dea defended measures taken to protect personal lending and borrowing since the regulator was set up in 2003, but admitted more could have been done to calm lending.

“With the benefit of hindsight, we can say that we should have done things differently and could have taken earlier and stronger action to dampen credit growth,” Ms O’Dea said at a conference on personal debt.