The governor of the Central Bank says the government should have pulled the plug on Anglo before the bank guarantee.
Patrick Honohan has told the Banking Inquiry that Anglo was a “busted flush” and should have been liquidated in 2008.
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But he says regulators were naive – and that politicians weren't given a full picture of just how bad the banking crisis had become.
Professor Honohan says closing Anglo would have been a shock – but Ireland could have survived without it.
He described it as a bank that Ireland could have done without, saying it was not an important player or contributor to the Irish economy.
