Banks’ rude health heralds rise in home repossessions

The repair work carried out to the banks’ balance sheets looks likely to have a visible human cost, in the form of a fresh wave of repossessions

Hundreds of borrowers in Michael Noonan's backyard face losing their homes Picture: Sam Boal

The main banks have all been loudly cheering their return to profitability for the first time since the financial crisis broke in 2008. For the state, which is a major shareholder in three of the four biggest banks on the island, it’s a sign that the financial crisis is finally coming to an end.

But repairing those balance sheets and maintaining sustainable profits in the years ahead will come at a cost.

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