Lessons from the Irish Financial Crisis

Lessons from the Irish Financial Crisis

Michael Torpey

30 years: Treasury & banking

Michael completes the series by considering the lessons of the crisis and the responses that were made as a result. He also provides his opinion on the actions of the ECB.

Michael completes the series by considering the lessons of the crisis and the responses that were made as a result. He also provides his opinion on the actions of the ECB.

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Lessons from the Irish Financial Crisis

4 mins 28 secs

Overview

Ireland’s financial system suffered due to severe, underlying structural weaknesses. This involves factors such as, defiant bank supervision mixed with ineffective and slow regulatory responses. However, lessons can be learnt as well as protections put in place to prevent a future crisis from occurring.

Key learning objectives:

  • Discuss the different methods in preventing a future financial crisis.

  • Describe the responses made at the time and interpret if they were successful or not.

  • Evaluate the stance taken by the European Central Bank.

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Summary
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Expert
Michael Torpey

Michael Torpey

Michael began his career working with the Irish Finance Ministry. In 1992 he joined Irish Permanent Building Society as its first Treasurer and in 2000 became Finance Director at First Active. In 2010 he set up a specialist banking unit to lead the Irish State’s handling of the banking crisis. In 2013 Michael became Chief Executive of the Bank of Ireland until he retired in 2018.

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