Bank regulators were far too timid

IRELAND’S regulators who oversaw the banking collapse have been described as timid and helped bring the financial sector to its knees.

They have been accused of failing in their role and conducting very little on-site inspections of the banks.

According to a report by Central Bank governor, Patrick Honohan an inadequate and poorly applied regulatory regime existed in Ireland. He describes the approach taken by the Central Bank and the regulator to the banks as “excessively deferential”.