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Harney before the bank inquiry
29 Jul 2015 17:05
Former cabinet minister Mary Harney has told the banking inquiry that previous governments she was involved with made mistakes, which she certainly regretted.
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Ms Harney is appearing before the inquiry today along with former Green Party leader John Gormley.
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She said they did not foresee the enormous explosion of cheap credit from the early part of the last decade.
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Ms Harney also said there should have been more proactive monitoring mechanisms giving regular assessment of financial stability, which could have helped to raise awareness of risks.
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She said that as a government they had undue confidence in the new financial regulatory regime and stood too much at arm's length when there were serious signals to be read in the economy.
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That was clearly wrong, she said. Ms Harney also said they allowed public spending to grow too quickly on the back of unprecedented tax growth.
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She said they also underestimated the multiplier effect of excessive and unsustainable construction activity and property transactions on the economy as a whole, and the public finances in particular.
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