The Banking Crisis – A Decade On  Results of the crisis As is well documented, Ireland experienced a credit-fuelled property bubble, which inflated both residential and commercial prices, driving individual indebtedness, reducing overall competitiveness and encouraging an over reliance on property based taxes in the years from 2003 to 2008viii. Asset bubbles are at least 380 years old.
This time, in Ireland (and elsewhere) it happened to be property related and not tulips, trade in the ‘South Seas’ or dot.com companies. When confidence evaporated, there was no soft landing.