Draw line in the sand over promissory loan
Reckless European banks lent recklessly to Irish banks who lent recklessly to Irish developers and ordinary citizens who relied on those banks getting at least the fundamentals of lending policy right. They did not, and while the ECB may not have had direct control over banking, it had oversight of the system and let a huge property bubble grow throughout Europe.
The Anglo promissory loan was a dastardly deal done at a dastardly time when we were asked to save the European banking system from crisis and collapse. We did and are doing, our bit. Rightly, when lender and borrower act recklessly, they should carry any loss equally, as has now happened for some Greek loans.
