Sunday 22 January 2017

Concentration of power can explain the banking disaster

Published 04/02/2016 | 02:30

Why? That is the question. There seems to be general agreement that the banking inquiry, despite its best efforts, did not get much beyond the well-trodden path of what happened. As to why, we are little the wiser.

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This matters, because this was no ordinary collapse. As economist Colm McCarthy has stressed, it is highly unusual - virtually unprecedented - for all the banks in a country to go bust during a crisis. Grotesque and bizarre as well, to complete the famous old phrase.

Most of the disappointment around the inquiry results centred, not on the absence of "why" but of "who".

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