Though possibly churlish, a point was reached yesterday at the gathering of the business diaspora known as the ‘Global Irish Economic Forum’ that you wished for an appearance of fractious Paddy Cosgrave — the man who is taking his Web Summit out of Ireland and on to Portugal.
The banking inquiry was redolent with film references as two fallen stars from the Celtic Tiger’s silver screen era, Mary Harney and John Gormley, took a stroll down the political equivalent of Sunset Boulevard one last time.
A developer member of the Maple 10 group given money to buy shares in Anglo who previously claimed it was “hard to tell” if he was a billionaire, has blamed the “glut of inexperienced developers” seeking “a quick buck” for the crash.
Former financial regulator Patrick Neary has pointed the “finger of responsibility” at government, the Central Bank, financial institutions, the ESRI, and Europe for what politicians have said was his own failure to do his job.
The 2008 blanket bank guarantee was a “fix up” designed to give “insolvent” Irish institutions emergency funding they should never have received, with the “politically biased” error ultimately forcing the ECB to impose the November 2010 bailout when the full crisis emerged.
The powers-that-be in Brussels held Ireland as the shining example of economic excellence throughout the Celtic Tiger and, excepting David McWilliams and Dr Morgan Kelly, who were pilloried, nobody in Ireland questioned the basis of the boom.
In 2008 economist Nouriel Roubini earned widespread ridicule for claiming that the embryonic problems in the US subprime sector would mutate into an existential financial crisis that would cost the banking system over $1 trillion (€721bn).