What’s at Stake for Foreign Banks in Ireland

According to the Bank for International Settlements, (BIS) foreign lenders still have $170bn invested in Irish banks.

Of this total, $46bn has come from German banks, $42bn from British banks, $25bn from US banks, and $21bn from French banks.

But as John McHale writes in the Irish Economy, it’s not all about the banks.

The government has pushed the line in recent days that the flair up in the crisis is all about the banks.  There is little doubt that the trigger was ECB concern about their large and rising exposure to the Irish banking system.   But the idea that the banks are the problem and the state is fine – happily pre-funded as it is through the middle of next year – is nonsense.   As it stands, the Irish state is not creditworthy

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