Sunday 4 December 2016

Neither limp EU reports, nor pinning it all on Bertie, provide a satisfying outcome to this 'Whodunnit'

Published 17/07/2015 | 02:30

Former Taoiseach Bertie Ahern
Former Taoiseach Bertie Ahern

Life would be so much simpler if we could just blame Bertie Ahern. It would be simpler again if a dispassionate assessment arrived from the EU Commission in Brussels, making key points to help us understand how it all went so wrong in the autumn 2008 bank crash and resultant recession.

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Let's take the EU Commission report first. In essence it tells us that the 2008 bank guarantee was all the work of the Dublin government. It was "too generous" and it transformed bank debt into national debt.

More interestingly, the report suggests that the November 2010 bailout did not fall from the sky. It was the subject of three months of prior contact between Dublin and Brussels.

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