Saturday December 7, 2019

Day or night: When was the bank guarantee really decided?

Economist and Central Bank board member Alan Gray gave riveting insight into how the blanket guarantee was in train long before September 29, 2008.

13th September, 2015
6
The Central Bank failed to heed Alan Gray's increasingly desperate warnings in late 2008Picture: Maura Hickey

The standard narrative of the fateful decision of Ireland to blanket-guarantee all six of its banks on the night of September 29, 2008 goes something like this.

The state was surprised by bankers about just how bad things were. It was then effectively rushed into making that decision over the course of one extraordinary night, without having had the time to think it through.

But is there another version to the narrative? One that takes place away...

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