Credit contracts as new banking reality emerges

Bankers appear less convinced than the government that the supply of credit is being impeded by clogged-up balance sheets, writes David Clerkin, Markets Correspondent

8th August, 2009

‘AIB and Bank of Ireland are the two systemically important banks,” said outgoing AIB chief executive Eugene Sheehy last week, as the bank announced pre-tax losses of €872 million for the six months to June. ‘‘The two main banks have to be on the pitch and have to perform.”

As the dust settled following the publication of the draft legislation governing the National Asset Management Agency (Nama) late last month,...

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