Ed Sibley: The banking crisis - a decade on

Speech by Mr Ed Sibley, Deputy Governor (Prudential Regulation) of the Central Bank of Ireland, at the Trinity College Dublin "Behind the Headlines" series, Dublin, 12 September 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Good evening ladies and gentlemen. I am grateful to Trinity College Dublin for the invitation to be here today at this important event, ten years on from the onset of the banking crisis in Ireland.

"Those who cannot remember the past are condemned to repeat it"ii is a well-known, albeit ironically often forgotten, wisdom. There is a strong argument that the past was forgotten leading up to the crisis, including with the misconception that the great moderation had led to permanent reduction in business cycle fluctuations. Given the costs and human misery the crisis has caused in Ireland, it would be inexcusable were this to happen again.