AIB fine shows banks have not learned lessons of the past
Why is it that Irish banks continue to breach financial regulations in speculator style?
The worst legacy of the Irish financial crisis was the narrative we invented to ease the pain of catastrophic collapse. Narratives are best when they are simple. These black and white lazy accounts of blaming someone or something else. Alas, it was said, our light-touch regulation caused the Irish banking collapse. If only we had a rules-based regulatory system etc. This fairytale story spread into the national mindset as quickly as the gorse fires which ripped through the Gougane Valley in Cork last weekend.
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