Banking Inquiry: ‘Feeding frenzy’ between lenders

A former EBS director has described a “feeding frenzy” which existed between lenders and developers in the lead-up to the crash and the bonus system in banks as “crazy”.

Eithne Tinney said there was “testosterone blowing around” the top tiers of the building society and she was voted off its board after raising concerns about mortgage lending.

The former EBS non-executive director said the guarantee for banks in 2008 was “indefensible”.