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Tests Show Irish Banks Still Ailing
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The deterioration in the Irish banking crisis. An additional 13 billion euros will be needed by Irish banks to pay bad real estate debt, after this round of stress tests in March 2011, according to Ireland's Central Bank. This is on top of the 85 billion euros rescue package after collapse of the banks, and the 10 billion euros given by the EU and the IMF. Some estimates say the cost of the banking bust could reach $140 billion for a country with GDP of $241 billion. Ireland's interest payments on debt are estimated to rise to 13% of government revenues by 2012. Serious calls are being made for bondholders to share in the losses as the crisi escalates. Daniel Gros, Director of the Center of European Policy Studies, says policymakers in Europe saw the experience of Lehman Brothers and do not want to see a repeat of that experience at any cost. The weak banks in Germany and other lender countries are too politically connected in his view to be allowed to fail. German banks hold $62 billion in Irish Greek and Portuguese debt and French banks hold $26 billion. Hypo Real Estate, taken over by the German government, holds $14.5 billion of this debt. Bank assets in Europe are a larger share of the national economies in Europe than in the U.S. making the situation more intractable- In Britain over 3.5 times the economy, Ireland 2.5 times, in Netherlands 4.4 times, in France 3.25 times, in Spain 2 times and in Germany 1.5 times GDP, compared to 60% of GDP in the U.S. After the Irish government decided to guarantee the debt of its banks two years ago, Irish taxpayers are stuck with the entire cost of bad debt at the Irish banks.
Fears that Basel III and European Banking Authority E.U. Stress Tests may not adequately reflect the risks on banks balance sheets.
01/21/2010
The situation after bailout of Irish banks in November 2010 by the EU. The Irish banks had passed European stress tests. Portuguese and Spanish banks may face a similar situation.
Grouped Articles
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Europe Fails Another Stress Test
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The Battle Over Bank Rules at Basel III
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Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
Wall Street Journal 09/14/2010
Wall Street Journal 09/14/2010
Efforts to fix the Irish banking crisis.
11/15/2010
The European Union and IMF efforts to help Ireland fix the problems with its banks.
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In Ireland, Hope of Retroactive Relief
Wall Street Journal 06/29/2012
Irish Resist EU's Push to Accept a Rescue
Wall Street Journal 11/15/2010
Europe Steps Up Pressure for an Irish Bailout
Wall Street Journal 11/16/2010
Sweeping Irish Aid Package in Works
Wall Street Journal 11/17/2010
Fresh Loan Woes Buffet Irish Banks
Wall Street Journal 11/18/2010
EU Plan for Ireland Takes Shape
Wall Street Journal 11/18/2010
Ireland's banks after the EU bailout
08/31/2010
Grouped Articles
Support of Anglo Irish Bank Strains Ireland
New York Times 08/31/2010
Ireland's Banks Are in Position to Shrink
Wall Street Journal 11/23/2010
Tests Show Irish Banks Still Ailing
New York Times 03/30/2011
Ireland's Bonds Downgraded to Junk
Wall Street Journal 07/13/2011
Fear, Rumors Pummel Europe Bank Shares
Wall Street Journal 08/11/2011
Sean Quinn and Irelandâs Boom and Bust
New York Times 01/07/2012
European Union's support of Ireland in the banking crisis
11/12/2010
Grouped Articles
Ireland Faces Battle Over Europe Stability Treaty
New York Times 05/01/2012
Wall Street Journal 11/12/2010
Wall Street Journal 11/12/2010
Fresh Loan Woes Buffet Irish Banks
Wall Street Journal 11/18/2010
Tests Show Irish Banks Still Ailing
New York Times 03/30/2011
Wall Street Journal 11/02/2011
Krugman and other experts on the decision of the government of Ireland to guarantee all the debt of its runaway banks.
08/31/2010
This decision has burdened the Irish people with the debt that banks incurred in a burst of speculative frenzy in real estate. This was possible as bankers were working together with politicians and developers. German and British banks made poor lending decisions and loaned money freely to Irish banks. Banks should share in these losses but the decision of the Irish government has put the burden on the people of Ireland, with a third year of severe austerity cuts in the face of a 14% unemployment rate. The investigation into Anglo Irish Bank.
Grouped Articles
In Ireland, Hope of Retroactive Relief
Wall Street Journal 06/29/2012
Support of Anglo Irish Bank Strains Ireland
New York Times 08/31/2010
New York Times 11/25/2010
The Road to Economic Crisis Is Paved With Euros
New York Times 01/12/2011
Europe Needs to Apportion Pain
Wall Street Journal 03/17/2011
Tests Show Irish Banks Still Ailing
New York Times 03/30/2011
Ireland's austerity measures and banking crisis.
04/03/2009
Grouped Articles
In Ireland, Hope of Retroactive Relief
Wall Street Journal 06/29/2012
Ireland Faces Seventh Year of Austerity
Wall Street Journal 10/16/2013
Hardships Linger for a Mending Ireland
New York Times 12/11/2013
New York Times 04/03/2009
Support of Anglo Irish Bank Strains Ireland
New York Times 08/31/2010
Ireland Faces Battle Over Europe Stability Treaty
New York Times 05/01/2012
True extent of exposure of foreign banks to Ireland still unknown.
11/23/2010
Grouped Articles
Irelandâs Debt to Foreign Banks Is Still Unknown
New York Times 11/23/2010
Europe Needs to Apportion Pain
Wall Street Journal 03/17/2011
Tests Show Irish Banks Still Ailing
New York Times 03/30/2011
The queen in Ireland: Irish, and British, eyes are smiling
Economist 05/21/2011
Ireland's Bonds Downgraded to Junk
Wall Street Journal 07/13/2011
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