() Do you remember the ad in which a bloke on the top floor of a Dublin bus stands up and admits to all the passengers: “I don’t know what a tracker mortgage is”? He stands up, unsure of himself, and makes his public confession, half-petrified. You can see the relief on his face as he admits that he hasn’t a “rasher’s”. (…)
Yes, I do remember this ad.
It symbolizes much of what went wrong in Ireland during the run up to the property crash; widespread ignorance about personal finances, inadequate bank regulations and the tracker mortgage.
McWilliams narrates the story of the tracker and why it puts a huge brake on the recovery of the Irish economy for years to come.