The former financial regulator says he is “deeply sorry” that banks were not properly supervised in the run up to the financial crisis.
Patrick Neary is appearing today before the 30th public hearing of the banking inquiry.
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Mr Neary left his role as financial regulator with a €630,000 payoff.
Speaking at the start of the hearing, Mr Neary apologised for poor supervision of banks.
“I would like to say that, with hindsight, the supervisory measures taken by the authority – which I will be outlining in this statement – were not sufficient to meet the challenges posed by the crisis and the recession that emerged” he said.
“I'm deeply sorry about that” he added.
