What did you do in the war?
It’s a question asked over and over again about all sorts of events. Enda used it yesterday but let’s park that one!
Today, I want to hop in a time machine and tell you what I did during the war we call the ‘financial crisis’. I created timelines. Here’s one I made about part of 2008:
July 2008
Lenihan advised that a group of investors had invested in Anglo Irish Bank to resolve these problems and that legal advice obtained by the bank indicated that the transaction was compliant,” he said
July 30, 2008
Allied Irish Banks says first half earnings fell 4 percent and warns of a 10 percent drop for the full year but offers shareholders a chunky dividend hike that it says reflects the bank's capital strength.
September 25, 2008
Ireland becomes the first euro zone country to slide into recession in 2008, with economic activity in the former 'Celtic Tiger' at its weakest in a quarter of a century after its property bubble burst.
September 30, 2008
Ireland becomes one of the first countries to respond to the Lehman Brothers collapse with a guarantee covering €400 billion of liabilities at six Irish-owned banks. The package is later increased to €485 billion to cover foreign-owned banks with significant operations in Ireland.
October 14, 2008
The Irish government hikes taxes and reins in spending in an emergency budget and predicts its budget deficit risks smashing EU rules.
November 5, 2008
Allied Irish Banks says it plans to bolster its capital without diluting existing shareholdings by revising dividend payments and disposing of assets if necessary.
November 13, 2008
Bank of Ireland posts a 34 percent fall in first-half earnings and cancels its cash dividend to shore up its capital position.
November 29, 2008
Irish Finance Minister Brian Lenihan concludes talks with banks, saying state involvement would be weighed on a case by case basis and that the government had not proposed consolidation in the sector.
December 14, 2008
The government responds to further steep falls in shares in Ireland's banks by saying it will invest up to €10 billion recapitalising them.
December 16, 2008
A senior executive at Allied Irish Banks repeats that the bank does not need extra capital.
December 18-19, 2008
Anglo Irish Bank's chairman Sean Fitzpatrick and chief executive David Drumm resign within hours of each other over a scandal involving loans of around €87 million.
December 21, 2008
The Irish government says it will inject €5.5 billion ($7.68 billion) into the country's three main banks, leading to the RECAPITALISATION of Anglo Irish Bank.
January 15 2009
The Irish government says it will nationalise a 'weakened' Anglo Irish Bank.
Ah, the timeline. It came flowing back to me watching the banking inquiry. Once again, it’s my job. If you haven’t been watching it, here is the drill.
Witness arrives.
Witness looks contrite.
Witness apologises profusely.
Committee look and sound a bit incredulous.
Committee asks questions which we wished we asked.
Witness squirms and tries to answer questions to make them look good.
That’s all you need to know about today and the coming weeks when the ‘stars of heaven’ roll up and have their spake.
If only they read my timeline, we could have been millionaires, Rodney...
