By Shane Ross
As lately as 2007, the Irish economic system used to be nonetheless booming and the kingdom coffers overflowing; via the top of 2008, the kingdom faces an unparalleled difficulty. the tale of the Irish banking cave in is a tawdry story of collusion, back-scratching and denial between bankers, builders, regulators and politicians. this can be the tale Shane Ross - self sufficient Senator, long-time champion of electorate opposed to misbehaving firms, and Journalist of the 12 months 2009 - tells in "The Bankers", going behind the curtain and the headlines to provide an explanation for what occurred, the way it occurred and who made it take place. they are all the following: Sean FitzPatrick, Michael Fingleton and the opposite financial institution bosses; Patrick Neary and his colleagues in Ireland's failed regulatory equipment; the valuables builders, whose borrowings ruined the banks, and plenty of of whom are actually for my part ruined; and the politicians, whose rules helped inflate the valuables bubble and who've allowed the banks to dictate the phrases in their bail-out. Shane Ross is aware the tales of those humans and what they obtained as much as, and in "The Bankers" he is sensible of a scandal that might hang-out eire for years yet to come.
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Additional info for The Bankers: How the Banks Brought Ireland to Its Knees
Bad personal property investments were his downfall. He had bought the Phoenix Park racecourse, Straffan House (now the K Club) and other trophy properties in an orgy of self-aggrandizement and speculation. His vehicle for the purchases, the Gallagher Group, was being funded by, among others, Merchant Banking – a private piggy bank for his own use and in some cases to help out old friends, such as Charlie Haughey. When Merchant Banking collapsed, it emerged that Haughey owed the failed bank over €17,000.
He remembers him as ‘the type of guy you would always like, invariably with a smile on his face. He was a smashing little player. He always had bottle to burn. ’ As evidence of this highly competitive instinct a rugby-playing colleague tells a story about FitzPatrick’s excessive enthusiasm during his days playing for Bective. Sean, normally a centre or a half-back, was on the substitutes bench one Saturday. Bective scored a spectacular try. A reporter turned to Sean – the substitute – and asked him the name of the scorer.
Too much official probing about the source of their deposits could have prompted a sudden exit of funds – and consequently fewer available mortgages. The black economy was entrenched in the financial system and underpinned the mortgage market. If there was ever any doubt about the dodginess of many building society deposits, it was dispelled in 1994, when the Irish Permanent was floated on the Stock Exchange. Members of the now-former building society were eligible for free shares, and yet many members declined to claim them.