Banking Inquiry: By June, vulnerabilities in the sector came into sharp focus

Former taoiseach Brian Cowen gave his version of the September 2008 bank guarantee and November 2010 bailout crises. This is an abridged version:

• “After I became taoiseach (May 2008) the domestic standing group briefing remained the banking system was sound. Banks were experiencing significant challenges. However, strong performance in recent years was providing a good cushion, it was believed.

By late June, the vulnerabilities in the Irish domestic financial sector and the high levels of exposure to the property and construction sectors had come into sharp focus.