On January 24, 2008, a confidential paper was circulated within the Department of Finance, addressing the issue of the stability of Ireland’s financial institutions.
It was a prescient overview of the then and future state of Irish financial institutions. While it expressed a then-familiar confidence in the solvency of those institutions, it foresaw grave problems ahead.
It observed that there was a perception in financial markets that Irish banks were overexposed to the vagaries of...
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