Oireachtas Joint and Select Committees
Thursday, 15 January 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor Patrick Honohan:
I think it was a continuation of a trend which had started around 1998 - anticipation of the euro, interest rates coming down, the legacy of the great Celtic tiger period where there was a shortage of housing and people wanted housing. That trend was there, interrupted by the recession and then resumed in a global environment where it was so easy for banks to source cash.
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