In 2007 Professor Morgan Kelly identified the likely 50 per cent fall in Irish house prices. He set out the implications this would have for construction employment but suggested that the larger banks were ''well-capitalised with unemployment and ''macroeconomic dislocation being the main problems that would emerge. The analysis was incredibly accurate on house prices and the consequences for employment and it wasn't long before the impact on the banking sector also became clear.
The key factor...
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