| Author (Person) | Brown, John Murray |
|---|---|
| Series Title | Financial Times |
| Series Details | 31.3.11 |
| Publication Date | 31/03/2011 |
| Content Type | News |
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A 'credible' restructuring plan for the troubled Irish banking sector was due to be outlined on the 31 March 2011, the Irish authorities promised, as fears mounted over the state of financial institutions in the country after the suspension of share trading in several big lenders as stress test results were due to be announced. The stress tests of Irish banks were a condition of the €85bn bail-out Ireland agreed with the European Union and International Monetary Fund in November 2010. The exercise, which was being conducted by the Irish Central Bank in partnership with BlackRock, the US consultants, would provide an estimate of future loan losses under a stress scenario and also the funding positions of the four lenders. In the event, Ireland’s government revealed on the 31 March 2011 that its stricken banks would require a further €24bn in capital, pushing the total cost of the sector’s bailout to about €70bn. The government also announced a radical shake up of the industry aimed at restoring investor confidence in its banking sector. |
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| Countries / Regions | Ireland |
