The night Ireland’s fate was sealed by bank guarantee

Indecision by banks left door open for vulture funds, says Holohan

30th September, 2018
Brian Lenihan jr: the pressure on the Minister for Finance in the autumn of 2008 was immense Pic: PA

“We were doomed when we got to this time ten years ago. There were huge losses coming, and they would be felt by Irish citizens.”

At a remove of ten years, Alan Ahearne is blunt about the guarantee. At the time the government decided to backstop €440 billion worth of guarantees, the economist had yet to take up his role as adviser to finance minister Brian Lenihan jr.

Nonetheless, he is clear that...

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