Guaranteeing the banks could be our undoing

On the night of September 29 last, Brian Cowen and Brian Lenihan met departmental officials and came to a momentous decision: to give a blanket guarantee to all depositors and lenders with six named financial institutions.

24th January, 2009

On the night of September 29 last, Brian Cowen and Brian Lenihan met departmental officials and came to a momentous decision: to give a blanket guarantee to all depositors and lenders with six named financial institutions.

They took the decision on their own, without the involvement of other cabinet members who, Lenihan has now told us, were ‘‘consulted incorporeally’’.

How this meets the constitutional requirement for the cabinet to meet and act...

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