Bank directors aimed to avert panic

Central Bank directors allowed a 2007 economic stability report warning of a crash to be written in such a way that it “didn’t cause panic” to help “engineer” the fabled soft landing.

Union and business group representatives on the bank’s board admitted the semantic moves yesterday.

Speaking to the cross-party banking inquiry about the 2008 economic meltdown, former Ictu general secretary David Begg and Ibec director general John Dunne accepted problems occurred.