Banking inquiry faces a moment of truth
THE end of this month will mark the sixth anniversary of the controversial banking guarantee, in which taxpayers were volunteered to underwrite deposits and liabilities up to a potential €440bn.
It was the beginning of a calamitous period which eventually saddled Irish taxpayers with up to €40bn in bank debts. In the intervening six years, we have had a number of partial and private inquiries into how our bank system fell apart so hopelessly.
But there is still so much that the public, who along with the future generations will pay the price, do not know. A parliamentary inquiry is now preparing to investigate what happened.