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Has the banking sector undermined Irish economic development?

In a piece published here on Thursday, Peter Ryan discussed what he believes is the main reason behind the current housing crisis – the failure of the domestic banking sector to extend credit, which in turn has opened up the market to overseas investors, including so-called “vulture funds” to fill the vacuum.

Those funds are not dependent on domestic finance, nor attuned to anything resembling a coherent national housing policy.

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