Edited By Carine Berbéri and Martine Pelletier
The Irish Republic has faced a number of serious crises and challenges since it came into existence. In recent years, the collapse of the Celtic Tiger has acted as a catalyst for change, revealing various structures of political, religious and economic authority giving way under pressure. In Northern Ireland, the Good Friday Agreement has led to major developments as new authorities endowed with legislative and executive powers have been set up. In its focus on the subject of authority and crisis in Ireland, this book opens up a rich and varied field of investigation.
Valerie Peyronel - The Banking Crisis in Ireland and its Resolution: Authority(ies) in Question?
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The Banking Crisis in Ireland and its Resolution: Authority(ies) in Question?
From the mid-1990s to 2007, a housing bubble was generated in Ireland, as it was in many other European countries as well as in the United States, as a result of over-easy access to credit facilities. Consequently, bank assets expanded as never before and credit conditions deteriorated. As households were no longer in a position to pay back their loans, banks were faced with abyssal losses. In parallel, a new attitude towards risk handling emerged, while people were losing confidence in the Irish economy. The situation was set to result in the implementation of bailouts and other rescue plans, as well as in the restructuring of the Irish banking system. In the light of the above-mentioned context, this chapter aims to examine ← 163 | 164 → the concept of authority both as a cause for the crisis and as an instrument used to remedy the crisis.
From the mid-1990s to 2007, a housing bubble (including both residential and commercial real estate) shaped up in Ireland, as it did in many other European countries as well as in the United States, as a result of an over-easy access to credit facilities. Consequently, bank assets expanded as never before and credit conditions deteriorated. The rise in real estate prices (as demand exceeded supply) further accelerated the demand for credit. Banks became very exposed to the collapse of the...
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