Mistakes were made in Irish banking, says former AIB chairman, Bilderberger Gleeson

Deaglán De Bréadún
Irish Times

SERIOUS MISTAKES were made in Irish banking in the course of the current crisis, former AIB group chairman Dermot Gleeson SC has told the MacGill Summer School at Glenties, Co Donegal.

Loans were made which should not have been made. There was “irrational exuberance” in the air and the banks were not immune from it.

Stockbrokers and most financial journalists joined international financial consultants in the praise for Anglo Irish Bank up to 2007 and this eventually had some effect on AIB.

Banks and bank regulators failed to appreciate the vulnerability of foreign borrowing. Executive remuneration became excessive but he would find it difficult to say that this directly contributed to the “bubble”.

“As a former Chairman of AIB the first thing for me to say in plain and unvarnished language is that some serious mistakes were made in Irish banking and there is absolutely no getting away from that,” Mr Gleeson said.

But there were international causes of the crisis as well as mistakes in public policy at national level in addition to the mistakes made by the banks themselves. Read full article…

Related posts:

1. Bilderberger Dermot Gleeson to oversee $3bn Travelport flotation By Emmet Oliver, Deputy Business Editor www.independent.ie Wednesday January...
2. SNIPPETS of information leaking out of the annual conclave of the Bilderberg Group This article appears in the latest edition of The Phoenix...
3. Financial Crisis ~ by Jim Corr Written by Jim Corr This is a MUST WATCH...
4. Irish Bilderberger Dermot Gleeson Dermot Gleeson The Phoenix, Jan 16 2009 RENOWNED barrister, former...
5. Eggs thrown at Irish Bilderberg member in Dublin AIB chairman Dermot Gleeson apologised to shareholders at the bank’s...
6. Regulator ‘cannot ensure survival of banks’ www.breakingnews.ie The senior figure in Ireland’s banking watchdog today...
7. Trilateral Commission Chairman And Bilderberger Peter Sutherland Calls For Higher Education System Reform www.rte.ie Friday, 22 January 2010 The Chairman of Goldman...
8. Rothschild to advise on Irish banking * Rothschild replaces Merrill as Irish government adviser *...
9. Federal Reserve Gets New Oversight Powers Under Dodd Bill (Reuters) – The Federal Reserve would win sweeping new...
10. Kenny brands banking commission proposal ‘a whitewash’ breakingnews.ie Plans for an inquiry into the collapse of...