Debt burden weighs heavy in our fight for recovery
The latest bank bailout is designed to restore confidence in our banking system, but its success depends crucially on whether we can afford the extra debt being taken on
A bewildering array of figures, but what do they all mean for our economic future?
In essence, the Central Bank found a hole of €18.7 billion in our banks.
In case they got anything wrong, or further losses emerge in future years, they added a buffer of more than €5 billion to this figure. So the banks are obliged to raise €24 billion in new capital, much of which will inevitably come from the exchequer.
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