Background to the Irish Financial Crisis

Background to the Irish Financial Crisis

Michael introduces his series on the Irish financial crisis, starting a decade prior. He provides an account of Ireland's monetary and fiscal policies and the country's movement towards the single currency.
Overview

Ireland was particularly vulnerable when the global financial crisis struck. The level of vulnerability was largely due to the low interest rates, the pro-cyclical fiscal policy, excessive borrowing by banks from the international debt market, light regulation and the government tax policies.

Key learning objectives:

  • Explain the impact of Ireland’s monetary policy and single currency on putting Ireland into a vulnerable position before the crisis

  • Describe the level of regulation on Irish banks

  • Explain how Ireland’s fiscal policy impacted its position pre-crisis and whether the vulnerability was perceived at the time

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Summary
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Expert
Michael Torpey

Michael Torpey

Michael began his career working with the Irish Finance Ministry. In 1992 he joined Irish Permanent Building Society as its first Treasurer and in 2000 became Finance Director at First Active. In 2010 he set up a specialist banking unit to lead the Irish State’s handling of the banking crisis. In 2013 Michael became Chief Executive of the Bank of Ireland until he retired in 2018.

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