Crisis in the Irish Banking System
UCD Geary Institute Discussion Paper Series WP2012/03
Posted: 20 Feb 2012 Last revised: 2 Oct 2017
Date Written: February 1, 2012
Ireland has had one of the most catastrophic experiences of financial crisis in the developed world, in the wake of the global financial crisis of 2008. Unlike the US or Britain though, Ireland’s enormous banking exposure was almost entirely related to property speculation and to the unchecked domestic housing bubble of the preceding ten years. This paper analyses the conditions that led to the crisis, taking account of patterns of corporate governance, regulatory institutions and practices, and the linkages between the banking sector and the political system.
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