Sunday 4 December 2016

John Drennan: Ex-FF ministers lament 'rushed' bank guarantee

Plan 'based on celebrity economist's theories'

Published 06/11/2011 | 05:00

The legitimacy of the infamous bank guarantee of September 2008, which was the catalyst for Ireland's subsequent bailout by the IMF, has been called into question by two of the senior ministers in the cabinet on that fateful night.

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In a major new RTE documentary, Crisis -- Inside the Cowen Government, former ministers Willie O'Dea and Mary Hanafin are deeply critical of the rushed manner in which the decision was taken.

And, in a further revelation, the former Green Party leader John Gormley openly admits that the bank guarantee, where the State took responsibility for more than €400bn of banking debt, was totally based on the theories of the celebrity economist David McWilliams.

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