Oireachtas Joint and Select Committees

Wednesday, 4 March 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

The other matter I want to deal with goes back to an article Professor Ahearne wrote in 2008 and I believe it was written for the Sunday Independent. He posed the question of how much of what ails the Irish property market we can blame on the US sub-prime meltdown and the resulting international credit crunch. He answered it by stating that it was probably a lot less than some people would have us believe and that the housing market here began to turn sour around the middle of 2006, a full year before the global credit crisis erupted in August 2007. With the benefit of hindsight, what is his assessment now of the roles played by the domestic and international factors in regard to Ireland's banking crisis?

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