Oireachtas Joint and Select Committees
Wednesday, 25 February 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor Gregory Connor:
Yes, although I do not believe this is strictly an Irish problem. One of the reasons that Northern Rock had a run was that the British bank resolution system was also flawed at that point. It was a fairly widespread European problem, including in Ireland. Ireland has had to renew many of its finance related legislative systems following the crisis, for instance, bankruptcy was also very out of date.