Thursday 8 December 2016

Accountability among Ireland's elite? Don't bank on it

Published 30/05/2015 | 02:30

Workers remove the signage outside Anglo Irish Bank’s HQ
Workers remove the signage outside Anglo Irish Bank’s HQ

Even down the country in 2008, the 'man in the street' - reading between the news headlines and hearing local gossip - sensed Anglo was a catastrophe. It was desperately hoped at the time that the Government would decide to let it sink or swim and paddle its own canoe - rather than bailing it out, along with the other banks.

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What plausible, weepy rubbish we are expected to give ear to in the current unnecessary Banking Inquiry. We sweated it out already, having witnessed it in reality before our very eyes. Just imagine. The Financial Regulator told an informal meeting with the Taoiseach, Central Bank and the NTMA on September 26, 2008, that two banks were not insolvent but "illiquid".

The former Central Bank director general - Tony Grimes - then went on to say: "A Finance official said one bank had a €2bn hole and another had one of €8.5bn, but no one left that meeting thinking the banks were insolvent." Solve that one.

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