Oireachtas Joint and Select Committees

Wednesday, 25 February 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Professor Gregory Connor:

I was thinking mostly on the property development side. On the mortgage side as well, the mortgages were becoming too risky and the loan to value ratios were becoming too high, though compared to the terrible situation in the USA at that time, the mortgage problem was not as bad. It was wrong but not as wrong. Property development was a notably bad problem for the Irish banks. They massively over concentrated in very risky property development loans.