Monday 23 April 2018

Our infamous bank guarantee, RIP

Faced with the horror of a banking collapse, the Government's pledge may not have been as stupid as we thought

SANG-FROID they call it – defined in my dictionary as imperturbability. It was on display in the Department of Finance and Central Bank last week as the last of the infamous Irish bank guarantee came to a close – days after the Cyprus debacle.

No problem, was the official line. There had been no withdrawals from Irish banks after the Cypriot lockdown, they said; not even any noticeable volume of calls from worried savers.

Besides, there is no crisis here and the condition of the remaining Irish banks is well known to all. No one even contemplated extending the guarantee beyond the date of last Thursday.

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