John Moran: Ireland is an exposed economy and another recession is 'inevitable'

John Moran: Ireland is an exposed economy and another recession is 'inevitable'

Update 9.15am: The former Secretary General at the Department of Finance during the bailout believes another recession is inevitable.

John Moran said that Ireland is an exposed economy that is very open to international change.

However, he sid a huge difference over the past ten years has been that investment from the likes of vulture funds does not need to be protected by the taxpayer, meaning we are not as exposed.

Mr Moran believes the reason vulture funds are making all these profits is that the country is poorly structured.

He said: "We are going to go into a downturn again there is no doubt about that; the world economy will go down and Ireland is an exposed economy.

"All of the investment that has come in as part of the recovery is now exposed directly to those loses - it doesn't need to be protected by us.

"That's a huge risk change for us as a nation, the taxpayers will not have to protect the so-called investment fund."

Meanwhile, Two-thirds of Irish people feel banks should provide mental health support to financially distressed clients

The survey from SilverCloud Health comes as the country marks the 10th anniversary of the bank guarantee.

Patricia Burnett had her home repossessed in the years following the bailout.

She said the banks are still looking for money from her but she'll never pay them back.

She said: "The reason for that is they took my home back - they had the property. I know I get slack for that but I am not paying it.

"The stress it put us under back then...I ended up in hospital the year after we lost our house for a full month, and that was tough.

"That made me realise my life was worth more than a mortgage."

'Lessons have not been learned' 10 years after bank guarantee

Earlier: It is ten years to the day since the Bank Guarantee.

The decision by the Fianna Fáil-led government ended up costing the state €64bn.

It involved a blanket guarantee of loans and deposits in six banks including Anglo Irish Bank.

Sinn Féin Finance spokesperson Pearse Doherty said some lessons have not been learned since the last property crash.

"Today we see that commercial property is overheating - the Irish Fiscal Advisory Council have advised the committees of the Oireachtas about that.

"We know that's very much driven by tax incentives that have been brought in by this Government and previous governments."

John Moran: Ireland is an exposed economy and another recession is 'inevitable'

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