Oireachtas Joint and Select Committees
Wednesday, 28 January 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor Edward Kane:
That is right. I consider that the notion of blanket guarantees which do not have haircuts when one can see there are losses to allocate is essentially to throw things on the taxpayer without considering the incentives going forward. That is why I say that things have gotten worse each time. One rescues the creditors, taxpayers pick up the pieces and it looks like a really good game to play.
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