DEVELOPERS IN Ireland “went too far” during the property boom, US ambassador Dan Rooney said.

“There were many developments all over the place: houses, buildings, different programmes,” he said. “We did the same thing on Wall Street. This seems to be human nature. We have to overcome it.”

“I knew coming here there was a problem with the economy,” he said. “But maybe it was a little deeper than I thought.”

Mr Rooney (77), who took up the post in July, described the National Asset Management Agency (Nama) – which will take up toxic bank loans – as a necessity. – (Bloomberg)