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When Irish Eyes Are Smiling

“Time is a great storyteller.” — Irish proverb

Chinese Premier Zhou Enlai had a famous take on the French Revolution. When asked about its influence, his response was, it’s “too early to say”.1 The same might be true of the global financial crisis. One of the best books written about it is Crashed by Adam Tooze, published a full ten years after the event. But even that book doesn’t tell you how the story ends.

Right now, in Ireland, a fresh chapter is being written. In the past couple of weeks, not one but two banks have announced they’re exiting the market. First Ulster Bank, owned by the UK’s NatWest Group and then KBC, owned by the Belgian group, have said they’re out. Once home to a thriving banking marke…