Three centuries of banking crises - A lecture this coming Tuesday 13th

Brendan Burgess

Brendan Burgess

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The lecture is part of a series of historical lectures for the Genealogical Society of Ireland

By Tom Conlon of www.howbankingworks.ie

Date:- 13th Jul 8.00pm
Venue:- College of Further Education, Cumberland St, Dun Laoghaire (beside Social Welfare offices)
Title:- Three centuries of Banking Crises

Deals with all types of crises, ranging from the collapse of the first significant Irish bank (Burtons Bank), through numerous crises of the 18th century, many of which resulted in collapses of one or many banks, and then through the 19th century, which saw the establishment of joint stock banks, a number of which failed, as did a number of private banks. There was one week which saw the collapse of about 10 banks. Through to the 20th century, which saw the rise of unions, which led to another form of crisis - the strike. Almost a year was lost through 4 bank strikes, and there was also a few close shaves. Deals with the causes - economic depression, fraud and embezzlement, directors loans, bad management, and just simple bad luck. Also deals with the solutions tried by government, including government guarantee (twice), bailout, harsh legal penalties.
 
I remember when i joined the Munster and Leinster bank back in the fifties in a small rural town some people who deposited money wanted reassurance that the cash was safely in the strongroom. These people had vivid memories of their ancestors being financially ruined by the collapse of the many banks at that time. Some of the causes of the "run on the banks" were rumours that the Directors had fled the country having given large property loans to some close friends.
 
Dewdrop
There were two bank failures which had a particular effect in rural areas. One was Ffrench's bank with offices in Tuam and Dublin. This collapsed in 1814. This bank issued lots of banknotes in Connaught, and the failure devastated many rural folk. The other was the Tipperary Bank, which was essentially a long-drawn out fraud. It ended in 1856.

Tom Conlon, aka Gulliver
 
Thanks Gulliver..i was born in south tipperary and often heard old folk talk about the collapse of Sadliers Bank. Some years ago a former bank Official i think wrote about the "Private banks in Munster" and from memory quite a few fell by the wayside.
 
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