Banking Inquiry: ‘Hardship was destined to happen’, says Honohan

Up to 90% of the “€100bn plus” debt and “hardship” heaped on Ireland after the economic crash was destined to happen, regardless of the bank guarantee.

Central Bank governor Patrick Honohan made the claim during an at-times confrontational follow-up meeting with the Oireachtas banking inquiry yesterday.

Speaking to the cross-party group two months after his initial appearance, Mr Honohan said the bank guarantee was, in hindsight, a “debacle”.