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Irish Banking Inquiry: Ex-PM Brian Cowen apologises for 'hardship' during crisis Irish Banking Inquiry: Ex-PM Brian Cowen apologises for 'hardship' during crisis
(about 1 hour later)
The former Irish Prime Minister Brian Cowen has apologised for 'hardship and distress" caused by the Irish financial crisis which began during his tenure.The former Irish Prime Minister Brian Cowen has apologised for 'hardship and distress" caused by the Irish financial crisis which began during his tenure.
He told the Irish Banking Inquiry his government's austerity policies were a "necessary" response and that they had tried to "mitigate the human cost".He told the Irish Banking Inquiry his government's austerity policies were a "necessary" response and that they had tried to "mitigate the human cost".
The parliamentary inquiry is examining the causes of the 2008 crisis.The parliamentary inquiry is examining the causes of the 2008 crisis.
Mr Cowen was taoiseach (Irish prime minister) at the time the state needed an international bailout.Mr Cowen was taoiseach (Irish prime minister) at the time the state needed an international bailout.
He was also its finance minister in the preceding years.He was also its finance minister in the preceding years.
'Failed completely' Mr Cowen is giving a robust and confident defence of his time as finance minister.
Mr Cowen said the government he led dealt with the crisis to the best of its abilities. He said his budgets were about improving public services and giving Ireland "first world infrastructure".
He defended property tax incentives as part of that but said that with hindsight they could have been reviewed earlier.
'Plausible'
He said "no government in the democratic world" was budgeting for the possibility of the biggest financial crisis since the 1920s.
Mr Cowen said his policies as finance minister were "plausible" and "backed by international peer review."
He was also critical of the performance of the Irish Central Bank and financial regulator saying he should have been "more doubting and more questioning".
Earlier, Mr Cowen said the government he led dealt with the crisis to the best of its abilities.
He said that the system of financial regulation in Ireland and elsewhere had "failed completely."He said that the system of financial regulation in Ireland and elsewhere had "failed completely."
Defending his time as finance minister, he said it was "simply not true" that he was beholden to property market interests.Defending his time as finance minister, he said it was "simply not true" that he was beholden to property market interests.
He outlined a series of measures he took which he said were an attempt to cool the property boom.He outlined a series of measures he took which he said were an attempt to cool the property boom.
Bank guaranteeBank guarantee
He also defended his government's decision to guarantee the liabilities of Irish banks in September 2008, a move which ultimately led to the international bailout in 2010.He also defended his government's decision to guarantee the liabilities of Irish banks in September 2008, a move which ultimately led to the international bailout in 2010.
He said the government had "one shot" in the most acute phase of the crisis and the guarantee was the "most decisive" move it could take.He said the government had "one shot" in the most acute phase of the crisis and the guarantee was the "most decisive" move it could take.
He added that it was "clear we we were on our own" on the night of guarantee and that the wrong decision could have set Ireland back by 25 years.He added that it was "clear we we were on our own" on the night of guarantee and that the wrong decision could have set Ireland back by 25 years.
His written submission to the inquiry included a robust defence of his economic policies.His written submission to the inquiry included a robust defence of his economic policies.
Much of the inquiry to date has focused on the events of 29 September 2008, when the Irish government agreed to guarantee the liabilities of the country's banks.Much of the inquiry to date has focused on the events of 29 September 2008, when the Irish government agreed to guarantee the liabilities of the country's banks.
That decision effectively meant the Irish state and its citizens would have to cover the banks' losses.That decision effectively meant the Irish state and its citizens would have to cover the banks' losses.
Those losses ballooned to more than 60bn euro (£42.5bn), forcing the government to seek help from the European Union and International Monetary Fund (IMF).Those losses ballooned to more than 60bn euro (£42.5bn), forcing the government to seek help from the European Union and International Monetary Fund (IMF).
Deep recessionDeep recession
Mr Cowen became taoiseach and leader of the Fianna Fáil party in 2008, shortly before the global financial crisis began.Mr Cowen became taoiseach and leader of the Fianna Fáil party in 2008, shortly before the global financial crisis began.
In Ireland, it led to a deep recession, high unemployment and a series of austerity budgets.In Ireland, it led to a deep recession, high unemployment and a series of austerity budgets.
Mr Cowen resigned shortly before the 2011 election in which his party's vote fell by 50%.Mr Cowen resigned shortly before the 2011 election in which his party's vote fell by 50%.
'Complacent'
In a speech in 2012, he admitted his government should have increased taxes and cut spending during the boom years.In a speech in 2012, he admitted his government should have increased taxes and cut spending during the boom years.
He also said that regulation of the Irish banking sector had been "complacent and permissive".He also said that regulation of the Irish banking sector had been "complacent and permissive".