Noonan blames Cowen for ignoring bubble warnings

Finance Minister Michael Noonan has suggested that Brian Cowen was ultimately responsible for a civil servant’s warnings on the property bubble being ignored.

Assistant principal officer Marie Mackle warned repeatedly between 2005 and 2007 of the possibility of a housing crash that would expose the banks.

She tried but failed to have such warnings reflected in official speeches and parliamentary answers given by Mr Cowen, who was finance minister at the time.