The guarantee was never about the EU. It was always about keeping the property bubble going. The government of the day were afraid that if the banks ran out of liquidity, they wouldn't be able to continue loaning into the property bubble. Their fear was that this would lead to falling property prices which could large losses and potential insolvency at the banks. It also wouldn't be too good for the landlords and property developers who the FF party represent. If the government could just guarantee the banks, then the liquidity crisis would eventually pass, the banks would be okay, and everyone who got rich in the property bubble would get to keep their money.
ya see, here is the thing i never get about such conspiracy theories,
the background our our ministers.................
would teachers, social workers and solicitors, not to mention a civil servant with a honours degree in ancient history or whateve Neary had,
understand the workings of the market that well?
If they were previously bankers, i would believe this conspiracy theory,
but these are people that proved themselves inept time after time.....
But Cowen's advisers.....
........we really need an investigation into that decision on that faithful night