Turning bad money into good
Creating a separate ‘bad bank’ is an important step for the government in freeing up the banks to lend money, but it may be just the beginning of a long process that will cost Irish taxpayers billions of euro
Finance minister Brian Lenihan looks set to take a major step forward this week when he is expected to include in his budget speech a commitment to go ahead with some kind of new entity to deal with the bad debts building up on the balance sheets of the country’s banks. The concept has been referred to benignly as an ‘‘asset management company’’ and less flatteringly as a bank for ‘‘toxic assets’’....
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