Does the State have responsibility for private financial institutions?

On 26 March 1985 Pat Kenny reports for 'Today Tonight' on the collapse of the Insurance Corporation of Ireland (ICI).

This episode of Today Tonight was dedicated to the collapse of the ICI and looks at the legislation which was introduced to nationalise the company and saddle the tax payer with the debts and obligations of a totally private company.

According to the report ICI was at one point "the jewel in the investment crown of Ireland's largest banking group AIB".

The government published a Bill to allow for the nationalisation of ICI, giving the Minister the power to set up a semi-state company.

Labour Party TD Mervyn Taylor commented on the new legislation saying that AIB more or less put a gun to the government's head. 

A Today Tonight report broadcast on 26 March 1985.