Media played key role in 'cheerleading' property bubble, says lecturer at Banking Inquiry

The Banking Inquiry has heard that the media played a key role in 'cheerleading' the property bubble.

The media played a key role in 'cheerleading' the property bubble which contributed to the economic crash, experts have told the Oireachtas Banking Inquiry today.

UCD lecturer Julian Mercille said that most media were influenced by their own commercial interests, which helped to propel the bubble.

He said that very few media had raised the prospect of a property crash - with most insisting there would be a soft landing.

He also said that those problems still persist today.

"The political-economic nature of the media industry - outlined above - is intact," he said.

"News organisations are still corporate or Government-owned entities, advertising still plays a role in generating revenues, and journalists still source their stories overwhelmingly from established institutions and individuals."