Getting the banks back working for us
Restoring growth in the economy is not just the best way, but the only way the current 'dance of death' can be turned around, writes Michael Murray.
It was in September 2008 that the late Brian Lenihan announced the comprehensive government guarantee scheme for the Irish banks. But it was only to be the first of many support measures required from the taxpayers over the ensuing 18 months.
Within six months, with bank bad debts mounting, the problems of liquidity in the banks had been compounded by a problem of solvency. The collapse in economic activity ensured that the banks' ...
