Report’s author says global factors also key

THE international factors which contributed to the Irish banking crisis should not be ignored although Government tax breaks for the property sector were also a key element, according to one of the authors of a report on the financial crash.

German banking expert Klaus Regling claimed such international factors were “not very prominent” in media coverage of the report, which was published last Wednesday.

However, he stressed that it was impossible to quantify how much domestic and international factors each contributed to the near collapse of the Irish banking system.