Cheap money from the banks caused fallout, says President
AWFUL damage was caused by banks thrusting cheap money on people with little regard for the consequences, President Mary McAleese said yesterday.
Speaking in Denmark where she is on a three-day official visit, Mrs McAleese was unusually outspoken on the horrific damage done to the economy at home and elsewhere by the collapse of credit and property bubbles.
She said: We are seeing the fallout. Some of it would be simple carelessness, in some cases simple negligence, and some may be more than that, I do not know."
The damage had been caused globally by "cheap money thrust upon people and nobody asked about two, five, 10 years' time".
"Good regulation is one of them but the best regulation is the regulation of the self, being practised in the skills of doing the right, sensible and careful thing and that goes right back to education and training," she added.
Ireland and Denmark faced many similar issues in defining their place and role in a complex world, she said.
"Transnational problems like global warming, rebuilding (and) a damaged economy are among the many new tribulations that transcend the boundaries of sovereign states," Mrs McAleese said during a visit to Aarhus University.