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Mario Draghi, president of the European Central BankGetty

Eight years on from the guarantee, the banks’ debts remain huge

€50 billion. That’s the huge sum of non-performing loans sitting on the books of Irish banks at the end of last year. Almost a fifth of that number was mortgage arrears, the European Central Bank said as it announced that lenders across the eurozone were bogged down with bad loans totalling €1.1 trillion.

During the week, the Irish Central Bank published its quarterly data on mortgage arrears, covering the three months to the end of June....

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