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The Irish Banking Crisis
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Download or read book The Irish Banking Crisis written by and published by GRIN Verlag. This book was released on 2015-04-08 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2015 in the subject Didactics for the subject English - Discussion and Essays, University of Paderborn (Anglistik), course: Fachdidaktik, language: English, abstract: The economy of Ireland was driven to misery by its major banks. In 2008, enormous losses unfolded from the institute's property-related speculations. In order to prevent multiple bank insolvencies, the Irish government decided to guarantee towards their depositors extensively and taxpayers shouldered the burden of debt. At first this paper links Ireland's economic reorientation to its history. Besides recounting crucial events, the main focus of this work is on explaining the conditions that gave rise to the Irish banking crisis.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1513587366 Total Pages :137 pages Book Rating :4.5/5 (135 download)
Book Synopsis Ireland by : International Monetary Fund
Download or read book Ireland written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ireland’s major property bubble burst at the same time as the global financial crisis erupted, plunging the country into a severe recession in 2008–10. Public debt climbed rapidly as revenues collapsed and as banks’ rising loan losses increasingly required public support. Following the Greek crisis in spring 2010 and emerging tensions in the euro area, the last act in the process saw the operation of the “sovereign-bank loop”—a vicious cycle where uncertainty about banks’ health fed into doubts around the sustainability of public debt, which only added to fears about the banks. The government lost access to market financing at manageable interest rates, and Ireland entered into a three-year program supported by €67.5 billion of financial assistance from the European Union (EU) and IMF in late 2010. Ireland’s program therefore had three main goals: restoring the viability of the banking system; putting the public finances on a sustainable path and returning to market funding; and restarting economic recovery including by improving growth potential. A large bank recapitalization in early 2011 helped stabilize deposits and other bank funding. The government’s access to market financing was progressively regained from mid 2012, enabling Ireland to exit the program at the end of 2013 and rely fully on market financing at highly favorable terms. The first signs of recovery were seen in strong job creation starting in the second half of 2012, and Ireland’s recent economic figures have surpassed even the most optimistic expectations, with growth of about 5 percent in 2014. Seeking to draw lessons for Ireland, the EU, and the IMF, as well as other countries facing similar challenges, the Central Bank of Ireland (CBI), the Centre for Economic Policy and Research (CEPR), and the IMF organized a conference titled “Ireland—Lessons from Its Recovery from the Bank-Sovereign Loop.” Held on January 19, 2015, at the historic Dublin Castle, it brought together Irish government representatives, European officials, academics, journalists, private sector representatives, and other stakeholders, as well as the IMF’s Managing Director. The conference discussions were anchored by three papers by leading international academics and moderated by journalists familiar with the issues. The event concluded with a high-level panel discussion by senior policymakers.
Book Synopsis The Fall of the Celtic Tiger by : Donal Donovan
Download or read book The Fall of the Celtic Tiger written by Donal Donovan and published by Oxford University Press, USA. This book was released on 2013-06-06 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines how the Celtic Tiger, an economy that was hailed as one of the most successful in history, fell into a macroeconomic abyss necessitating an unheard of bail-out. A highly-readable account of the unprecedented near collapse of the Irish economy, it covers property market bubbles, regulatory incompetency, and disastrous economic policies.
Book Synopsis The Fall of the Celtic Tiger by : Donal Donovan
Download or read book The Fall of the Celtic Tiger written by Donal Donovan and published by OUP Oxford. This book was released on 2013-06-06 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: By 2000, Ireland had achieved a remarkable macroeconomic performance: 10% economic growth annually, a budget surplus, and a very low debt to GDP ratio. Emigration had disappeared and there was significant immigration from Eastern Europe. Yet, by November 2010, output had collapsed to an extent unprecedented among post war industrial countries, the budget deficit was out of control, and the debt to GDP ratio had soared to around 100%. In an unprecedented development, Ireland was forced to apply for an emergency bail-out package from the Troika (European Commission, European Central Bank, and the International Monetary Fund). This book examines how the Celtic Tiger, a high growth performing economy, fell into a macroeconomic abyss. It is a story that shows how the Irish economy moved from a property market crisis to a banking crisis and fiscal crisis, and how these three crises led to a fourth crisis, the massive financial crisis of 2010. Against the backdrop of the newly created Eurozone, the book demonstrates how a housing boom was transformed into a property market bubble through excessive credit creation. Accompanying the market bubble, buoyant property related taxes enabled a profligate government to over spend and under tax. Few, either in Ireland or Europe, recognised the danger signals because the prevailing economic ideology suggested that financial markets could self-regulate. The book analyses the roles of banks, builders, developers, regulators (the EU, the ECB, the Central Bank of Ireland, and the Irish Financial Regulator), politicians, economists, the media, and a property driven populace during the various stages of the downfall of the Celtic Tiger. It pays particular attention to the decisions to provide a highly controversial comprehensive guarantee for the covered Irish banks in 2008, and the subsequent events that left the government with no alternative but to request the 2010 bail out. Throughout the book, attention is devoted to the allocation of responsibilities for the unfolding crises. First, who or what was responsible for what happened and in what sense? Second, could specific actions have been taken at various stages to prevent the final recourse to the bail out? Finally, the book addresses the future of the Celtic Tiger. It discusses the impact of measures to help resolve the current Euro debt crisis as well as the underlying lessons to be learned from this traumatic period in Ireland's economic and financial history.
Download or read book Open Dissent written by Mike Soden and published by Orpen Press. This book was released on 2010-10-01 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Open Dissent is an analysis of the financial crisis from the point of view of someone on the inside. With 35 years’ experience in banking internationally and, latterly, in Ireland, Mike Soden was one of those at helm, shaping and changing modern banking. This book is about the financial crisis and how we can get back to normal, except ‘normal’ has now been redefined. Soden concentrates on Ireland but is constantly mindful of the international and European contexts. Different to what has been written before on the Irish crisis Open Dissent Is a book about banking by an international banker who doesn’t have his hands dirtied by the financial crisis of 2008-9 (he resigned as CEO of Bank of Ireland in 2004)Is a view from inside banking and contains entirely original and previously unaired ideas for Ireland’s financial recovery, including a new banking model and radical changes to the Irish financial services landscapeContains information not formerly released, including correspondence between Soden and the Governor of the Central Bank in September 2008, following major events in the USLooks at the culture of silent dissent in Irish corporate and political life, which is unwillingness to speak openly about something you feel strongly about – an effect of cronyismContains a balanced and informed analysis of NAMA and how it might work: ‘Cool heads need to be at work in order to get the best result for the country’Direct and honest, Open Dissent is also a challenge to Ireland’s citizens to rise above the factions, tribalism and sense of entitlement to do and accept what is best for their country.
Book Synopsis What Caused the Financial Crisis by : Jeffrey Friedman
Download or read book What Caused the Financial Crisis written by Jeffrey Friedman and published by University of Pennsylvania Press. This book was released on 2011-06-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The deflation of the subprime mortgage bubble in 2006-7 is widely agreed to have been the immediate cause of the collapse of the financial sector in 2008. Consequently, one might think that uncovering the origins of subprime lending would make the root causes of the crisis obvious. That is essentially where public debate about the causes of the crisis began—and ended—in the month following the bankruptcy of Lehman Brothers and the 502-point fall in the Dow Jones Industrial Average in mid-September 2008. However, the subprime housing bubble is just one piece of the puzzle. Asset bubbles inflate and burst frequently, but severe worldwide recessions are rare. What was different this time? In What Caused the Financial Crisis leading economists and scholars delve into the major causes of the worst financial collapse since the Great Depression and, together, present a comprehensive picture of the factors that led to it. One essay examines the role of government regulation in expanding home ownership through mortgage subsidies for impoverished borrowers, encouraging the subprime housing bubble. Another explores how banks were able to securitize mortgages by manipulating criteria used for bond ratings. How this led to inaccurate risk assessments that could not be covered by sufficient capital reserves mandated under the Basel accords is made clear in a third essay. Other essays identify monetary policy in the United States and Europe, corporate pay structures, credit-default swaps, banks' leverage, and financial deregulation as possible causes of the crisis. With contributions from Richard A. Posner, Vernon L. Smith, Joseph E. Stiglitz, and John B. Taylor, among others, What Caused the Financial Crisis provides a cogent, comprehensive, and credible explanation of why the crisis happened. It will be an essential resource for scholars and students of finance, economics, history, law, political science, and sociology, as well as others interested in the financial crisis and the nature of modern capitalism and regulation.
Book Synopsis Policy Failures and the Irish Economic Crisis by : Ciarán Michael Casey
Download or read book Policy Failures and the Irish Economic Crisis written by Ciarán Michael Casey and published by Springer. This book was released on 2018-06-16 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to understand why almost all commentators on the Irish economy were unprepared for the scale of the recent economic crisis. It analyses the public contributions from a broad range of observers, including domestic and international agencies, academics, the newspapers and politicians. This approach gives new insights into the analytical and institutional shortfalls that inhibited observers from recognising the degree of the risk. The book demonstrates that most commentators were either impeded in what they could say, or else lacked the expertise to challenge the prevailing view. The findings have significant implications for a broad range of institutions, particularly the media and the Oireachtas (the Irish Parliament).
Book Synopsis The Irish Banking Crisis by : Arthur L. Centonze
Download or read book The Irish Banking Crisis written by Arthur L. Centonze and published by . This book was released on 2019 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007 financial crisis led to a steep decline in the supply of capital to organizations around the world. As liquidity dried up, countries such as Ireland with fragile and overextended credit environments, overpriced asset markets, and accommodative regulatory systems were vulnerable to the resulting shock waves. This case explores Ireland's economic and financial circumstances before and during the crisis, and its response to the crisis in the face of mounting pressure from the European Commission, the European Central Bank and the IMF for action that would help bring Ireland and other stressed euro zone countries back from the brink. At the close of 2010, Minister for Finance Brian Lenihan Jr. needed to decide whether to accept financial assistance from Europe and the IMF or have Ireland go it alone. The case has a difficulty level appropriate for masters' level or upper level bachelors' students in finance or economics. It is most effectively taught to students who have been exposed to macroeconomics and introductory finance. The case is designed to be taught in 1.5-2 class hours and should require 2-4 hours of outside preparation by students.
Download or read book Inside the Room written by Eamon Gilmore and published by Merrion Press. This book was released on 2015-10-30 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: March 2011: Enda Kenny and Eamon Gilmore have just formed a coalition government between Fine Gael and Labour. Ireland’s banks are broken, unemployment is heading for half a million, the public finances are in deficit, international lenders rate Ireland as ‘junk’ and the country is in an IMF bailout. As Tánaiste in the new Coalition, Eamon Gilmore was at the heart of every major economic decision taken during his term, and as Minister for Foreign Affairs and Trade was primarily responsible for restoring Ireland’s international reputation and trade connections. In his extraordinary political memoir of these dramatic and turbulent times, Eamon Gilmore writes frankly about the political price the Labour Party has paid for some of their choices, reflects on the circumstances that led to his own resignation and assesses the prospects for Ireland’s continued recovery, including the risks which could yet blow Ireland’s economy off course.
Download or read book Recap written by Kevin Cardiff and published by The Liffey Press. This book was released on 2016-02-18 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kevin Cardiff was a senior official in Ireland’s Department of Finance during the worst periods of the global financial crisis that started in 2007, and was appointed by the Government as Secretary General of the Department in February 2010. As Ireland was swept up in an economic tsunami that lasted for years, Cardiff was centrally involved in the battle to save the banking system, and later the State itself, from bankruptcy. His very detailed and open account of these times made him a key witness at the Irish parliamentary inquiry into the banking crisis. This book is his account of those times: the pressures, the key incidents and the personalities involved. He discusses in detail the big questions that faced the State, the difficult choices that had to be made, and how and why they were taken. With a particular focus on the controversial decision to guarantee the liabilities of the main domestic banks, and on the months of negotiations with the Troika on the €85 billion EU/IMF rescue programme, RECAP will be key reading for anyone interested in Ireland’s financial crisis.
Book Synopsis Currency, Credit and Crisis by : Patrick Honohan
Download or read book Currency, Credit and Crisis written by Patrick Honohan and published by Cambridge University Press. This book was released on 2019-05-23 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ireland's experience of Europe's most spectacular financial bubble, bust and recovery is narrated and dissected by a central banking insider.
Download or read book Anglo Republic written by Simon Carswell and published by Penguin UK. This book was released on 2011-09-05 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: As late as 2007, Anglo Irish Bank was a darling of the markets, internationally recognized as one of the fastest growing financial institutions in the world. By 2008, it was bust. The Irish government's hopeless attempts to save Anglo have led the state to ruin - culminating in a punitive IMF bailout in late 2010 and threatening the future of the euro. Now, for the first time, the full story of the Anglo disaster is being told - by the journalist who has led the way in coverage of the bank and its many secrets. Drawing on his unmatched sources in and around Anglo, Simon Carswell of the Irish Times shows how the business model that brought Anglo twenty years of spectacular growth was also at the heart of its - and Ireland's - downfall. He paints a vivid and disturbing picture of life inside Anglo - the credit committee meetings, the lightning-quick negotiations with property developers, the culture of lavish entertainment for politicians and regulators - and of the men who presided over its dizzying rise and fall: Sean FitzPatrick, David Drumm, Willie McAteer and many others. This is not only the first full account of the Anglo disaster; it will also be the definitive one.
Book Synopsis Incomparable Poetry by : Robert Kiely
Download or read book Incomparable Poetry written by Robert Kiely and published by punctum books. This book was released on 2020-05-11 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incomparable Poetry: An Essay on the Financial Crisis of 2007-2008 and Irish Literature is an attempt to describe the ways in which the financial crisis of 2007-8 impacted literature in Ireland, and thereby describe the ways in which poetry engages with, is structured by, and wrestles with economic issues.Ireland and its contemporary poetry is a particularly suitable case study for studying the effect of the economic crisis on Anglophone poetry, because poetry in Ireland has a special relationship to the state and economy due to its status as a postcolonial nation-state. Beginning with a summary of recent Irish economic and cultural history, and moving across experimental and mainstream poetry, this essay outlines how the poetry of Trevor Joyce, Leontia Flynn, Dave Lordan, and Rachel Warriner addresses in its form and content the boom years of the Celtic Tiger and the financial crisis.Incomparable Poetry also discusses the concerns and historical contexts these poets have turned to in order to make sense of these events - including Chinese history, accountancy, sexual violence, and Iceland's economic history. In contemporary Irish poetry, the author argues, we see a significant interest in matching capitalism's accounting abilities, but in this attempt, these poems often end up broken by the imposition of an external conceptual framework or economic logic. Robert Kiely grew up in Cork, Ireland and now lives in London. His critical work has been published in Irish University Review, Journal of British and Irish Innovative Poetry, The Parish Review, and Samuel Beckett Today/Aujourd'hui. His chapbooks include How to Read (Crater, 2017) and Killing the Cop in Your Head (Sad, 2017). He is Poet-in-Residence at University of Surrey for 2019-20.
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis The Political Economy and Media Coverage of the European Economic Crisis by : Julien Mercille
Download or read book The Political Economy and Media Coverage of the European Economic Crisis written by Julien Mercille and published by Routledge. This book was released on 2014-08-27 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European economic crisis has been ongoing since 2008 and while austerity has spread over the continent, it has failed to revive economies. The media have played an important ideological role in presenting the policies of economic and political elites in a favourable light, even if the latter’s aim has been to shift the burden of adjustment onto citizens. This book explains how and why, using a critical political economic perspective and focusing on the case of Ireland. Throughout, Ireland is compared with contemporary and historical examples to contextualise the arguments made. The book covers the housing bubble that led to the crash, the rescue of financial institutions by the state, the role of the European institutions and the International Monetary Fund, austerity, and the possibility of leaving the eurozone for Europe’s peripheral countries. Through a systematic analysis of Ireland’s main newspapers, it is argued that the media reflect elite views and interests and downplay alternative policies that could lead to more progressive responses to the crisis.
Book Synopsis Distinctive Features of the Irish Banking Crisis by : Patrick Honohan
Download or read book Distinctive Features of the Irish Banking Crisis written by Patrick Honohan and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper reviews the causes, evolution and resolution of the severe property-related macro-financial boom and bust that crippled the Irish economy 2008-13. Among the distinctive features were a blanket government guarantee of banking liabilities, a run on the national banking system financed by a supranational central bank, and a sovereign-bank funding-cost doom loop. There were missteps in both the private and official sectors, at home and abroad, as the authorities felt their way towards corrective policies that were ultimately effective.
Download or read book Crashed written by Adam Tooze and published by Penguin. This book was released on 2018-08-07 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.
