Monday 18 December 2017

Banking crisis has been a terrible stain on our reputation

Save your banks at all costs! It is universally believed, and has never been denied, that that was the advice to Brian Lenihan from the then chief of the European Central Bank, Jean-Claude Trichet, on the night of the blanket guarantee, September 29-30 2008.

Save your banks! And what then?

One bank could not be saved. Anglo Irish, now IBRC, was nationalised, then liquidated. The operation will cost Irish taxpayers €30bn.

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