Tuesday, September 30, 2008

Sounds like

In today's shock announcement by Irish minister for finance Brian Lenihan that he is guaranteeing all current and immediate future liabilities of 6 IrishRepublic of Ireland-based banks (not just deposits), he stated the rationale that these institutions have no other state or entity "to look to for succour". Or suckers. These 6 banks may now be the most backstopped banks in the world -- assuming that the government can actually pay up should their assets go pear-shaped.

[More Irish banking analysis from us here and here]

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