While these aspects understandably have caused concerns, these concerns have become particularly heightened due to the state of the global financial system and macroeconomy. The banking system particularly in the advanced economies has to build up its capital and liquidity levels and Basel III is to be implemented, even when the macroeconomy is in an uncertain and depressed state.
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.