McCarthy laments lack of bank buyouts

THE author of the controversial Bord Snip Nua report Colm McCarthy laments the fact that the Irish banks have not been bought out by larger European banks less exposed to banking meltdowns.

Given the problems faced by the state in having to refund the banks, McCarthy says its a “shame the Irish banks weren’t bought out in a European consolidation”.

Commenting on The Irish Economy blog he said this country needs a functioning banking system that is adequately capitalised.