Ireland's faltering economy is "banking" on a miracle

THE response to the decision by Danske Bank to retrench its operations here demonstrate how far official Ireland is in denial about our faltering economy, as it heads in to 2014.

The decision comes in the wake of the announcement of ACC Bank — owned by Rabobank — to surrender its banking licence. These decisions must be seen in the context of the announcement by Ulster Bank’s parent, RBS/UK treasury, to create an internal ‘bad bank’, into which €9bn of impaired assets will be transferred.

Each of these separate decision have distinctive features — those relating to Ulster Bank, for example, is positive. But there is an unmistakable message common to all three of them.