The new financial regulator, Cyril Roux, will arrive in Dublin to a fairly full in-tray. The resolution of the mortgage crisis will be an obvious priority.
Roux will want to ensure that the resolution measures now in place do not create moral hazard or a rise in the incidence of strategic defaults. Without being handled deftly, the crisis has the capacity substantially to enlarge the capital holes in the banks' balance sheets, which in turn...
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