Via @karlwhelan, here’s Merrill’s ever so slightly off estimate of the cost of Ireland’s bank bailout. Do click through for the full thing:
© The Financial Times Ltd 2016 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Well, it’s an awkward
wet morning for this type of thing but sometimes it just can’t be helped. As markets fail to keep smiling upon the announced bailout (now failout, apparently) of Spain’s banks, it might be worth dropping in and taking a quick look at Ireland’s troubled financial sector and its creeping bank rescue.
From the annals of slightly confusing Credit Suisse research headlines (underlining in red is ours):
Courtesy of BNP Paribas, just who is exposed to Ireland and by how much:
We’ve now well and truly progressed to the question not of when but of how much in bailout loans is needed for Ireland, so…
From a note on Friday, we’d point out the estimate of Barclays Capital’s Antonio Garcia Pascual and Pietro Ghezzi (emphasis ours): Read more
Facetious title — but here’s an updated list of bank exposure to eurozone peripherals (in this case Ireland, Portugal and Greece) to ponder, as Ireland nears its bailout:
RTRS-IRISH PM SAYS EXPECTS EURO FINANCE MINISTERS TO ISSUE STATEMENT AFTER THEIR MEETING TODAY
Ireland is no longer on the edge of Europe but is instead an Atlantic bridge. High-tech companies such as Intel, Oracle and Apple have chosen to base their European operations there. I will be asking Google executives today why they set up in Dublin, not London… What has caused this Irish miracle, and how can we in Britain emulate it?
… in a world where cheap, rapid communication means that investment decisions are made on a global basis, capital will go wherever investment is most attractive. Ireland’s business tax rates are only 12.5 per cent, while Britain’s are becoming among the highest in the developed world.
We know that Irish banks increasingly need central bank liquidity in order to survive being shut out of funding markets, and we know (from its recent trading statement) that even Bank of Ireland is facing trouble here. Read more