Has Sean Dunne lost his shirt?

[rmelly]

Re: Sean Dunne:AIB deal: Can anyone see him getting out of this without losing his sh

bankrupt, help me here, I forget...were banks randomly throwing money at passersby, or did people (developers or the general public) apply to borrow the money?

 

[bankrupt]

Re: Sean Dunne:AIB deal: Can anyone see him getting out of this without losing his sh

bankrupt, help me here, I forget...were banks randomly throwing money at passersby, or did people (developers or the general public) apply to borrow the money?

As you are no doubt aware, the banks didn't properly assess the risk when lending to developers (or the general public), their own fault, not the developers (nor the publics). If you recall the excesses of the credit bubble we have just come through it did seem at times that the banks were "throwing" money around (in the sense that low rates and high multiples of income/capital were ubiquitous and heavily advertised - of course, as you point out, people actually had to apply for these).