News Colm McCarthy

Friday 24 February 2017

Bank Inquiry fails to shed light on shortcomings of individual lenders

While all banks were mismanaged before the crash, some performed far worse than others, writes Colm McCarthy

Colm McCarthy

Colm McCarthy

TESTIMONY: Jean-Claude Trichet, former President of the European Central Bank, pictured before his address to members of the Oireachtas Banking Inquiry at the Royal Hospital Kilmainham in April last year
TESTIMONY: Jean-Claude Trichet, former President of the European Central Bank, pictured before his address to members of the Oireachtas Banking Inquiry at the Royal Hospital Kilmainham in April last year

The Irish banking bubble had been a decade in the making when it began to deflate almost eight years ago. In what had been a cautious and conservative banking system, every single bank went wallop and all required guarantees and capital injections.

The worst banks lost eight or 10 times their capital; all the others lost enough to face immediate closure without support from the State or their foreign parents. Not a single detailed report is available into the failings of even one of these banks.

All of the official reports have interesting things to say about the banking system in the round and its spectacular collapse, but there has been nothing exploring the failures on a bank-by-bank basis.

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