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There are now grave problems with the banking system in this country. Danske Bank have bailed out of our dear Republic.
However, Danske are reporting a profit in Northern Ireland for nine months to the end of September, of £1.4m.
Losses in the Republic are a whopping €31.4m before tax for the same nine months. Obviously there is something terribly wrong with what is going on in the Irish banking system. ACC’s losses are yet to be revealed and represent one of our formerly venerable and well-established financial institutions in very serious trouble.
On top of all this, we also hear that 75% of mortgages have not been restructured, which is no surprise as our loss-making banks are screaming to get their money back any way they can. Are we still looking at a meltdown of the banking system as a whole with the three core consumer banks barely holding on and reporting huge looses in the billions? Is it going too far to suggest a catastrophe is about to happen? How long, indeed, can huge losses be sustained without another bank going bust overnight?
It looks very much like a second rescue package could be in the offing and will be vitally necessary to allow this stupid country to keep its financially reckless and feckless head above water.
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