Time for some calm analysis
Published 28/09/2010 | 05:00
TOMORROW we will mark the second anniversary of the fateful night of September 29-30, 2008, when the Government, fearing the collapse of the entire banking system, gave an unlimited guarantee covering deposits and other holdings in the main Irish banks. They included the ultimate "basket case", Anglo Irish, considered to be an institution of systemic importance.
Soon after, when the true state of affairs at Anglo began to emerge, the Government nationalised it. It also spent huge sums of borrowed money recapitalising Anglo and other banks, with the declared aim of getting credit flowing. Two years on, that objective has not been achieved.
In recent weeks, the pace of events has increased to a dizzy speed -- but towards Ireland's detriment, not towards a solution.