The 1992 general election campaign was a disaster for Fianna Fáil with many seats lost in the wake of the scandal. The world was in recession, the Haughey era was a recent memory, and the Gulf War dominated international news, The fact that Reynolds seemed prepared to issue risky state-funded export insurance, effectively subsidising the Goodman business empire which now accounted for 12% of national GDP, when the country was in deep recession, shocked the electorate. Support for the party fell by 5%. The Labour Party under Dick Spring ran a campaign independent of its traditional coalition partner Fine Gael. It was Fianna Fáil's worst election result since 1927, losing nine seats. Fine Gael lost ten seats, while the Labour Party had its best result, with 33 seats. In January 1993, Fianna Fáil and Labour formed a government with Reynolds as Taoiseach and Spring as Tánaiste.
The 1992 general election campaign was a disaster for Fianna Fáil with many seats lost in the wake of the scandal The world was in recession the Haughey era was a recent memory and the Gulf War dominated international news The fact that Reynolds seemed prepared to issue risky state-funded export insurance effectively subsidising the Goodman business empire which now accounted for 12% of national GDP when the country was in deep recession shocked the electorate Support for the party fell by 5% The Labour Party under Dick Spring ran a campaign independent of its traditional coalition partner Fine Gael It was Fianna Fáil's worst election result since 1927 losing nine seats Fine Gael lost ten seats while the Labour Party had its best result with 33 seats In January 1993 Fianna Fáil and Labour formed a government with Reynolds as Taoiseach and Spring as Tánaiste