The European Central Bank was guilty of a “major failure of supervision” in not restraining European banks from fuelling the Irish property bubble, according to a former prime minister of Ireland.
John Bruton, prime minister in the 1994-97 centre-right Fine Gael-led coalition, on Monday accused British, German, Belgian and French banks of “irresponsible lending?.?.?.?in the hope that they too could profit from the Irish construction bubble.”
Mr Bruton, who also formerly served as a European Union ambassador to Washington, said in a speech to the London School of Economics these banks had “l(fā)ots of information available to them about spiralling house prices in Ireland”.
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