Economic recovery dependent upon stabilising banking sector, claims Central Bank governor

THE economy has the potential to achieve solid growth again, but only if the country’s banking sector is stabilised as quickly as possible, according to Central Bank governor John Hurley.

Mr Hurley was addressing a meeting last night in Dublin of ACI Ireland, the domestic arm of the Paris-headquartered international financial markets association.

He said Ireland’s economy has the ability to achieve medium-term growth, allowing for a reduction in the rising unemployment rate, if the Government meets its economic challenges and stability is restored to the banking sector.