Michael Murray: things have changed in the banking sector, but not very much. For that reason, investors should steer well clear

Many private investors are itching for the opportunity to buy back into the banking sector. There is a sense that the worst is over, that the bad debts are largely ''behind'' them, and that their performance will be upward and onward from here. But we saw the result of the prudential capital assessment on Bank of Ireland two weeks ago - and it wasn't pretty. Meanwhile, the ones for AIB and Permanent TSB have been kept secret. Make what you will of that.

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