Apologies, Abuses and Dealing with the Past: The Irish Banking Crisis

This report is concerned with apologies for the banking crisis of 2008. It provides a background to that crisis which manifested itself a decade ago on 29 September 2008 when the then Minister for Finance Brian Lenihan issued a blanket two-year guarantee of all Irish domestic bank deposits. The paper begins with an overview of the structure of the Irish banking system prior to 2008, including the rapid expansion in the size of domestic Irish banks prior to the crisis. The origins of the Global Financial Crisis (GFC) are then briefly presented, followed by an analysis of the effect they had on the Irish banking system and subsequently the Irish economy. The responses of the Irish government to the crisis as it unfolded are then presented. The final section provides an account of the apologies that have been given by individuals associated with the banking crisis.