Probably almost enough has by now been said about poor loan appraisal practices and the consequences of the bubble mentality, but of course that would not have added up to anything of great consequence had it not been for the access, through the globalized banking system, to vast sums that could be borrowed from abroad.
To be sure here too the banks had been internationally integrated for a couple of centuries. They sourced funds in times of need from the Bank of England, but more normally placed very substantial funds on deposit in the London money market, given that Irish land and professional classes were net savers and the banks unenthusiastic in the past about lending too much locally.