Banks and nation in dire straits

TSB’s huge losses of €424 million only seek to confirm the dire straits the commercial sector is in across the board.

There is hardly a financial institution anywhere that has not been touched by our national debt crisis. The only reason why exports are up is because of the very weak euro that is continuing to trade down, but weakening investor confidence.

The banks haven’t a great deal of money to lend and are fighting for their lives in the international debt markets that are looking for early margin calls.