They were right to be worried

From The Sunday TimesAugust 6, 2006

You’ll never beat the Irish banks. Eugene Sheehy, the chief executive at Allied Irish Banks, popped the champagne corks at the interim results presentation just as the central bank was getting out the worry beads over the levels of borrowing in the economy. There was a time when the long arm of the central bank would have stretched over the city to deliver a good clip on the ear to the errant banker. It seems that banks have a much freer hand now. … 600898.ece