Central Bank Governor John Hurley said that the Allied Irish Banks and the Bank of Ireland are a crucial part of the state of the country’s finances which is why they cannot be allowed to fail.   At the Joint Oireachtas Committee on Finance and the Public Service, Hurley sent his unfavorable forecasts of the economy due to anxiety and fear in the financial arena as well as unsuccessful regulatory measures. He stated that RI is on its way to a second year ... Read More

Shares of Bank of Ireland and Allied Irish Banks  plunged yesterday as pessimism on the reported recapitalization plan to be initiated by the government grew among investors. The reported bailout plan amounts to 6 billion euros. Bank of Ireland announced late last year that within the next three years it is expecting bad loan losses worth 3.8 billion euros while the Allied Irish Banks has indicated that it will write off 2.3 billion euros of its loan book between 2008 and 2009. ... Read More