Kilkenny man Pat Neary says sorry for his role in banking collapse

The former financial regulator has said he’s “deeply sorry” that banks weren’t properly supervised in the run-up to the financial crisis.

But Patrick Neary has admitted he did have the powers to limit the amount banks were lending to the property sector.

Mr Neary’s told the Banking Inquiry that he ultimately had to depend on the details banks were giving to him, with no powers of inquiry.

But under questioning from Fianna Fail’s Michael McGrath, he admitted he could have done more to intervene in the sector