Tom Murphy and Tim Vaughan, CEO and Editor of the Irish Examiner at the time of the housing bubble, spoke to the Dail Committee investigating the banking crisis on the role of their paper in the housing bubble.
In his evidence Tim Vaughan states:
If we were guilty of anything – and I believe we were – it is that we believed and accepted that institutions such as the financial regulatory authorities were doing their jobs and doing them competently, with due diligence, appropriate compliance policies and proper political and departmental oversight, all of which we believed were designed to ensure the stability of our economy. From what we know as a result of the Honohan, Regling-Watson and Nyberg reports and the contributions of others to this inquiry, it appears to be obvious that our trust in these various arms and agents of the State was, to say the least, misplaced.
I acknowledge that there was insufficient critique of the frequent claims that there would be no crash and our so-called economic miracle would continue to be an example to the world. We should have more rigorously challenged the predictions of analysts and economists, including those who contributed to our newspaper and those who had direct or indirect associations with financial institutions. While this is an accusation that could be levelled at many editors and publishers throughout the world, much better resourced than my own organisation,
Video and transcript of the session can be found here