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