Time to stop listening to EU and restructure our banks and debts

THE latest stress tests have revealed another gaping hole in the overall structure of the assets held on the banks’ balance sheets.

Let’s put our problem into a global perspective. The total amount that global insurance companies paid out on all of the natural disasters around the world last year was €43 billion.

The amount of funds that taxpayers have committed to the six banking institutions, before yesterday’s PCARs, was already €500 million ahead of that figure.