Madam, - As a non-involved but interested observer, I am appalled at the current momentum being fuelled to make the Financial Regulator a fall guy for all the ills of the banking sector. Imagine the response of the government, the banking industry and the construction industry if the Financial Regulator had gone to the Fianna Fáil tent at the Galway Races three years ago to announce that he was considering putting more stringent capitalisation requirements on Irish banks and putting restrictions on the levels of commercial property loans in their loan portfolios? - Yours, etc,
RICHARD J LENEHAN,
Leopardstown Valley,
Dublin 18.