Drawing on internal files as well as interviews of key officials, the Report was able to provide answers to two questions: First, why was the danger from the emerging imbalances in the financial system that led to the crisis not identified more clearly and earlier and headed-off through decisive measures? Second, when the crisis began to break, were the best containment measures adopted?
The Report noted the relevance of factors other than the performance of the Central Bank and Financial Regulator (including the performance of directors and senior management of the banks, as well as their auditors and accountants, as well as pro-cyclical elements of Government policy), but, in line with the terms of reference, it focused on the design of microprudential aspects; the approach to overall financial stability; and the failure to undertake decisive and effective remedial measures.