Taoiseach’s remarks - The State has let the people down

The Taoiseach is attempting to rewrite history by blaming the Irish people for the country’s economic difficulties and accusing them of going “mad… borrowing”.

While developers and bankers were certainly guilty of greed, the vast majority of people did not go mad, as he would have it. Many of those now in financial trouble were actively encouraged by government and by politicians in general to get on the property ladder.

Personal credit increased because there was a lack of regulation by State agencies whose job it was to keep the banks on a tight rein. What was seen as the security of the Financial Regulator was meaningless as the banks gave greedy developers loans totalling a staggering €55bn, stoking the fires of speculation.