Monday 23 January 2017

Emmet Oliver: Belief that Irish banks had enough capital was plain wrong

Emmet Oliver

Published 23/03/2010 | 05:00

Apart from bank regulators in Canada and Spain, virtually every other regulator in the western world failed to stop the financial crisis from infecting their financial system.

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But some performed worse than others and Ireland's regulators were among the worst. Unfortunately a new report on financial regulation here by the Comptroller and Auditor General (C&AG) fails to do justice to this staggering level of failure.

For example, by the end of next year losses on banks' loan books could reach €50bn, which is almost a third of Ireland's entire GDP.

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