The global crash began on September 15, 2008, when Lehman Brothers collapsed in New York. A fortnight later, Brian Cowen’s Fianna Fáil government decided to guarantee the losses of Ireland’s banks. The consequences of both episodes created a lost decade at home and abroad, and continue to reverberate in our society to this day
A man exits the Lehman Brothers Holdings Inc. headquarters building in New York, U.S., on Monday, Sept. 15, 2008. Lehman Brothers, the fourth-largest U.S. investment bank, succumbed to the subprime mortgage crisis it helped create in the biggest bankruptcy filing in history. Photographer: Jeremy Bales/Bloomberg
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Eoin O'Hara
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Newspapers on a news stand in New York on Tuesday, September 16, 2008 proclaim in their headlines the collapse of the Lehman Brothers brokerage firm, the credit problems at AIG, and the Dow dropping 504 points. (Photo by Richard B. Levine)
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Eoin O'Hara
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Pic. Maura Hickey/086 8541130 17.09.07 Customers que outside Northern Rock, Dublin.
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Eoin O'Hara
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LONDON - SEPTEMBER 15: A financial news update in Canary Wharf on September 15, 2008 in London, England. The fourth largest American investment bank has announced that it's filing for bankruptcy protection during a growing financial crisis. (Photo by Cate Gillon/Getty Images)
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Eoin O'Hara
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22/4/2008 AIB AGM. The board of AIB address the stock holders at the AGM today at the AIB Headquarters Bankcentre, Ballsbridge. Photo. Mark Stedman/Photocall Ireland.
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Eoin O'Hara
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30/9/2008 Department of Finance press confrence. Night Of The long Knives. The Minister for Finance, Brian Lenihan TD, normally a smart dresser shows the effects of a long night of crisis meetings while speaking at the press conference at the Government Buildings where he said the Government has decided to guarantee all deposits in Irish banks. The banks that are covered are Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and the EBS (Educational Building Society). Specific subsidiaries that may be approved by Government following consultation with the Central Bank and the Financial Regulator are also covered. The safety of deposits of up to Euro 100,000 in all banks operating in Ireland had already been guaranteed by the Government. Its guarantee also covers all money borrowed by Irish banks from other financial institutions. Photo. Mark Stedman/Photocall Ireland
Photo by
Eoin O'Hara
