Tuesday 26 September 2017

Tom Lyons: Public deserves truth about bank guarantee

UK Treasury documents point to rushed and undemocratic nature of decision, writes Tom Lyons and Vinnie O'Dowd

Tom Lyons

The revelation contained in the newly released documents from Her Majesty's Treasury, exposed today by the Sunday Independent, point to a serious democratic deficit here, and highlight how important information about what happened on the night of the bank guarantee in 2008 is still being kept from the Irish people.

As Ireland's closest trading partner, it is not surprising that Britain was concerned about our financial meltdown. It could see that the financial markets were shunning Anglo Irish Bank. Rightly, it feared that the bank could be on the precipice of going under, leading to an unknown – but likely catastrophic – knock-on impact on Ireland's entire banking system.

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