Sep 6th, 2012 by Conor McCabe
This is the earliest notice I can find of an Irish bank engaging in mortgage-backed securities.
It’s from 1988 and it’s the Bank of Ireland’s UK operation.
It allowed BOI to move the loans off-balance sheet and to enhance its ‘gearing’ or leverage business model. Other Irish financial institutions followed BOI’s lead in the 1990s.
The fall-out from this 20-yr run of mortgage-backed security gearing is now part of our national debt.