Daft Property - Irish Property News

'Property mania' at heart of bank crisis... The Nyberg report into the handling of the banking crisis has found that the main cause was the 'unhindered expansion of the property bubble'. The Nyberg report into the handling of the banking crisis has found that the crisis was the result of domestic Irish decisions and actions, and not international developments. The report, written by Finnish banking expert Peter Nyberg, said the main cause was the 'unhindered expansion of the property bubble', which was fuelled by banks using money borrowed from international markets. It said the risks linked to the bubble were undetected or seriously misjudged by the authorities. It said any warnings from the authorities were 'modest and insufficient'. The report said nobody abroad forced Irish households, investors, banks and authorities to take what it called 'unsustainable' financial risks. The report referred to the development of a 'national