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Recalling the Celtic Tiger

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Edited By Eamon Maher, Eugene O'Brien and Brian Lucey

This book looks at various effects, symptoms and consequences of the period in Irish culture known as the Celtic Tiger. It will trace the critical pathway from boom to bust – and up to the current beginnings of a similar, smaller boom – through events, personalities and products. The short entries offer a sense of the lived experience of this seismic period in contemporary Irish society.

While clearly not all aspects of the period could realistically be covered, the book does contain essential information about the central actors, events, themes, and economic trends, which are discussed in a readable and accessible manner. Each entry is linked to the overall Celtic Tiger phenomenon and its immediate aftermath.

The book also provides a comprehensive account of what happened in this period and will be a factual resource for anyone anxious to discover information on the areas most commonly connected to it. All entries are written by experts in the area. The contributors include broadcasters, economists, cultural theorists, sociologists, literary critics, journalists, politicians and writers, each of whom brings particular insights to some aspect of the Celtic Tiger.

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Bank Regulation (Frances Coppola)

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Frances Coppola

Bank Regulation

The 2008 financial crisis showed how quickly bank collapses in one country could spread to others, especially when borders are open and there is free movement of capital. Although Ireland’s banking collapse was mainly caused by the overblown Irish property market, its effects rippled out across Europe. Irish banks had borrowed heavily from German, French and British banks. Their failure ripped holes in the balance sheets of the banks from which they had borrowed. As these were some of the largest banks in Europe, and indeed in the world, Ireland’s banking crisis threatened to bring down the European and even the global financial system.

Both the disastrous collapse of the Celtic Tiger and its bloated condition prior to the crisis were blamed on banks and their regulators. Bank regulation in Ireland underwent structural reform soon after the crisis, effectively reversing many of the changes made over the preceding decades.

Since the mid-1980s, regulation of Irish banks had been progressively eroded. Liberalisation of the Irish banking system, and relaxation of entry criteria for the Irish clearing system, encouraged the entry of foreign banks such as the UK’s RBS and Germany’s Depfa, both of which failed in the financial crisis.

In 2003, the Central Bank and Financial Services Authority of Ireland Act created a single financial regulator, called the Irish Financial Services Regulatory Authority (IFSRA). IFSRA and the Central Bank of Ireland were both brought under the umbrella...

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