Dec 17, 2014 6:30 AM

Irish lawmakers open probe into banking crisis

The Associated Press

DUBLIN (AP) Irish lawmakers have opened a fact-finding investigation into the causes of Ireland's banking crisis, when a collapsing property market exposed reckless lending and required an emergency international bailout.

Wednesday's opening session featured testimony from Finnish financial expert Peter Nyberg, author of a 2011 government-commissioned report into the crisis.

Prime Minister Enda Kenny hopes to publish findings by November 2015. The televised hearings represent the first time that key players in the catastrophe bankers, regulators, former ministers and property developers will publicly explain their role in the unfolding disaster.

Ireland's banks faced ruin as a decade-long construction boom ground to a halt in 2008. The government nationalized most banks to forestall their collapse but soaring costs forced Ireland to take an EU-IMF loan rescue in 2010.


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