I have repeatedly observed that this guarantee was too wide and too unconditional; I will not repeat here the details of what might have been done differently.
But, while it is often correctly emphasised that the Irish Government’s guarantee socialised private bank losses, any overall assessment needs to consider a comprehensive alternative path, and not simply fixate on the direct fiscal long-term costs of making good on the guarantee, costs that have been variously estimated at between € and € or between 22 and 27 per cent of 2008 GNP.