In April 2007, the Iseq index of leading listed companies peaked at more than 10,000. It was a high watermark that would rapidly begin to burst. By February 2009, €200 billion would be wiped off its value, taking it under 2,000 points. As 2007 unfolded, the industry talked about a correction. Few expected carnage. For example, there were serious rumblings about Anglo Irish Bank’s business model and exposure to property, but the market still valued the bank at many billions of euros. By November, the share prices of Irish banking stocks and most blue-chip corporates had begun their long march…

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