Hobson’s choice at IL&P
Whatever course it chooses, the government will pay dearly for Irish Life & Permanent, whose need of €4 billion was the single biggest shock of last week’s stress test results
It’s just four and a half months since Irish Life & Permanent chief executive Kevin Murphy delivered an interim management statement to the stockmarket.
In a conference call on November 17, he told analysts that the Financial Regulator’s stress test assumptions for mortgage arrears were ‘‘adequate’’, even under a worst-case scenario for the Irish economy. Murphy went on to say that he didn’t see significant evidence of stress in the company’s mortgages....
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