Banking sector feels the pain as EU exacts retribution

The European Commission will not hesitate to punish our banks when necessary, writes David Clerkin Markets Correspondent

8th May, 2010

Be careful what you wish for. The Irish government’s fondness for the term ‘systemic importance’ in convincing the European Commission to approve its massive bailouts of individual banks has threatened to haunt it in recent weeks.

The commission, through new competition commissioner Joaquín Almunia, has shown increasing signs of using the ‘systemic importance’ tag as a stick to discipline Ireland’s errant banks.

Almunia’s department has...

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