SESSION IV - Distinctive features of the Irish banking crisis: a case study

ABSTRACT: The paper reviews the causes, evolution and resolution of the severe property-related macro-financial boom and bust that crippled the Irish economy 2008-13. Among the distinctive features were a blanket government guarantee of banking liabilities, a run on the national banking system financed by a supranational
central bank, and a sovereign-bank funding-cost doom loop. There were missteps
in both the private and official sectors, at home and abroad, as the authorities felt
their way towards corrective policies that were ultimately effective.