The Central Bank's deputy Governor has said that there are no easy answers to the "multiple conundrums" that face those who design banking regulations and the supervisors who are tasked to ensure that financial entities abide by them.

Cyril Roux made his comments at the bank's "Effective Banking and Securities Regulation" conference in Dublin today.

Mr Roux said that five years after the collapse of Lehman Brothers and four years after the G20 Summit in Pittsburgh which set out an ambitious agenda of banking and securities regulatory reform, it is timely to ask questions about what has been achieved so far.

He also said it is important to ask whether the challenges of delivering a better financial services requires more far-reaching changes than writing new rules and increasing supervisory oversight.