NTMA chief: Banking system restored by 2013

IRELAND will have one of the cleanest banking systems in Europe by 2013, according to the chief executive of the National Treasury Management Agency (NTMA), John Corrigan.

Mr Corrigan said when the €24 billion in increased capital is provided as envisaged under the PCAR/PLAR tests, the two pillar banking institutions, AIB and Bank of Ireland, will be well capitalised — if not over capitalised.

Addressing the annual dinner of the Financial Executives Association, Mr Corrigan said the stress tests were “rigorous, independent and transparent” and quantified the hole in the balance sheets of AIB, Bank of Ireland, Irish Life & Permanent and EBS.