Insider account of the Fianna Fáil-Greens reaction to crisis

Lehman was followed in quick succession by Merrill Lynch, and then by the world’s largest insurance group, AIG.

Panic was enveloping the world’s markets. In Ireland, this panic was becoming pervasive. In official circles nothing was being said or done by those who were meant to provide confidence under these circumstances. The Central Bank and the Office of the Financial Regulator not only seemed ill-equipped to deal with the crisis, but did not seem to be able to explain what was happening, why it was happening, and what the appropriate response was.

Into this vacuum, other voices emerged. David McWilliams, a by now well-established commentator and pundit, was someone whose opinion was particularly valued. He made contact with John Gormley, and proposed what policy options should be considered.