Irish banks are safe, says agency

CREDIT ratings agency Standard & Poor’s does not expect Irish banks to be affected by the liquidity problems that have crushed Northern Rock.

The agency said it has reviewed the liquidity status of the rated Irish banks and concluded that they remain “satisfactorily positioned” and have been successfully managing the more difficult market conditions.

“All Irish banks have experienced a rise in their wholesale funding needs in recent years, driven by a sustained period of high credit growth.