Shall we tell An Taoiseach?
Officials concede that the specialist property lender [Anglo Irish] was probably insolvent in September 2008 when the government guaranteed the balance sheets of all six domestic lenders. But, as one senior official put it, “if we’d known then what we know now”, a different approach would have been taken.
Brian Cowen, just a few months ago in one of those Chamber of Commerce speeches where we were assured we were getting the real brainy Brian –
With the benefit of what we know now, I am more convinced than ever that the Guarantee was the correct response.
It’s a fairly minimal test for the government to admit that they blundered in giving a guarantee to an insolvent bank. But it’s a test that, at least in public, they still can’t pass. Or has unnamed senior official who chats to the FT not told Cowen his view yet?