From 2004–7, easily financed by the plentiful supply of international liquidity, Irish and foreign-owned banks advanced vast sums to Irish property developers and final purchasers of residential and commercial real estate at home and abroad.
Cœuré: We will do what we can to avoid errors. What is important to know is that none of these errors have led the Eurosystem to lending too much to financial institutions. All operations are over-collateralised. Nagel: In cases where errors were made, we have eliminated them. In cases where loopholes emerged, we have closed them. We are constantly learning lessons from our experiences.