Radical surgery for Irish banking system

Ireland’s banks will have to shrink quickly under the rescue plan, with asset sales and smaller balance sheets

27th November, 2010
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Just over two years ago, Minister for Finance Brian Lenihan believed the Irish banks had a liquidity problem insofar as they were finding it difficult to borrow money from international banks. Based on this belief, he guaranteed all of the deposits and other liabilities of all of the Irish banks.

Today, with the expected announcement of the details of the IMF/EU bailout for the banking system, we should get confirmation of the extent of the...

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