Global bubble has not gone away

BANK OF IRELAND has joined the growing list of banks offering 100% mortgages to first-time buyers.

This development may well be seen in hindsight as one of the most socially responsible acts ever by the financial services sector.

On the other hand, it may go down as a grossly irresponsible act with banks lending money to vulnerable people, who it can be pointed out cannot afford to save a brass farthing towards a deposit but are deemed to be eligible for a 100% loan on a property.