Dáil debates

Thursday, 14 October 2010

Announcement by Minister for Finance on Banking of 30 September 2010: Statements (Resumed).

 

At some point, banking transformed from being a service, which did not produce or manufacture anything and whose function was to facilitate the economy and the day-to-day workings of business and society, into a dizzying economy in and of itself. A big lesson for the economic illiterate in the Government is that banking should be a provider of credit to facilitate growth; it should not be the growth. The problem with the Celtic tiger was that the banking sector became the growth. All of the Monopoly or illusionary money which did not exist became the focus of the Government. It never produced anything, and did not exist bar on a computer. It is an abstract concept. The question should not be, "show me the money", it should be, "show me the product". If one has a product one should be able to sell it, but it did not exist.

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