Regulator did not see ‘iceberg’ of collapse

The boom-time financial regulator has admitted he did not spot the “iceberg” ahead which wrecked the Irish economy.

Liam O’Reilly told the Oireachtas probe into the banking crash that the checking system failed and a more robust approach should have been adopted in the lead-up to the financial collapse.

Mr O’Reilly, who was financial regulator from 2002 to 2006, said he could not foresee the crash of 2008, which he called a once-in-a-century event.