Banking sector still needs total overhaul

DESPITE two years of restructuring and up to €50 billion of taxpayers’ money, there is growing consensus the country’s banking system is still in need of a complete overhaul.

The banks will, therefore, be the main focus of the team of experts from the IMF, the European Commission and the European Central Banks as they begin arriving in Dublin today.

But their recommendations are likely to suggest more far-reaching restructuring than two years ago when the Government attempted to save all the banks with a blanket guarantee of their debts and deposits.