There was no such thing as a government bank guarantee in 1814, so when staff at Lord ffrench’s Bank of Tuam & Dublin realised there was a run on the bank on June 27, they pursued the only sensible policy available, and simply locked customers wishing to make withdrawals inside the building.
Of course closing its doors and detaining three ‘runners’ inside caused considerable alarm around he region, resulting in a ‘run’ on other private banks. Despite the valiant efforts of Lord ffrench to avoid a Commission of Bankruptcy, his tragic and untimely death sounded the death knell for the bank, which was found bankrupt by trial in January 1815
The crisis surrounding the collapse of the Tuam Bank is the subject of a free public lecture under the auspices of the Galway Archaeological and Historical Society in the Harbour Hotel, next Monday, October 7, at 8 pm. The lecturer is Irene McGoldrick, chair of the Annaghdown Heritage Society, and recent MA History graduate of the University of Galway.
The talk will present the history of the bank, both before and after its failure. It will consider the factors which led to its demise, and shed light on the personalities involved.
See www.gahs.ie
