Sunday, Jul 22, 2007
A touch of deja vu?
Irish Independent: Will the banks go bust in a property slump?
"....Of course, Ireland's housing market at the moment is not crashing -- it is correcting gradually downward....." BUT bearing in mind current similarities with what happened in the early 1990s in Scandinavia... "all the banks in Finland and two of the largest four banks in Sweden had gone belly-up and had to be taken over by the government..." are we going to see a repeat over here?
Posted by eyeore @ 09:14 AM (187 views) Add Comment
3 Comments
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1. dobber said...
Great post eyeore,
The same obviously applies to the UK.
2. david20040_0 said...
How does it apply to the UK?
The Nationwide and Halifax maybe but what about all the others and Internet Banks such as ICICI and HiSave
3. dohousescrashinthewoods said...
Er, and Black Rock, Alliance and Leicester, HSBC (double-whammy from the US and UK) Bradford and Bingley, Kensington, etc. Not strictly all banks there, but how many financial institutions could prove their borrowers' financial credentials in a pinch?
Who hasn't been competing hard for business in a mrket increasingly devoid of people who can genuinely afford to borrow? QED how much of the "booming growth" in mortgage lending of the last few years will be able to pay it back as IRs climb?