Thursday, March 31, 2011

Irish Banks Failed big time

Rish banks need extra 24bn euros to survive

The stress tests assumed a cumulative collapse in property prices of 62% - a level already reached in some parts of the Republic. For any House Price Crash deniers, it's already happened.

Posted by will @ 05:40 PM (699 views)
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3 thoughts on “Irish Banks Failed big time

  • It’s all fake money you are borrowing and the next generation will pay it back with real sweat and hardship.

    Default is the only way out, there is no other way.

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  • Europe’s debt crisis has spread into its banks, which are being forced by rating agency downgrades into the arms of the European Central Bank — lender of last resort — as credit markets shut their doors to them. Under the restructuring plans Ireland’s banks will have to deleverage huge sums. Bank of Ireland will have to shed 30 billion euros of assets by 2013 and AIB and EBS combined will have to shed 23 billion euros of assets by 2013.

    The ECB is opposed to any burning of senior bondholders for fear it could send the message that governments in other indebted euro zone countries may follow suit. MMmmnn……

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  • Robert Peston (BBC) just said… “The other issue raised by the elongated, episodic and – some would say – belated disclosure of the woes of Ireland’s banks, is what it says about horrors that may lurk elsewhere in the eurozone.

    Those, for example, who fear that Spain’s banks haven’t yet been forced to disclose the full extent of the losses they face on their exposure to the burst residential and commercial property bubble will not be reassured by events in Ireland today”.

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