31/03/2011

Irish Bank 'Stress Tests' To Be Published

Trading in the Bank of Ireland and AIB has now been suspended for 24 hours.

The move comes ahead of the publication of crucial stress tests today by the government.

The full extent of financial trouble within the banks will be detailed late this afternoon.
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The government will take this opportunity to convince the International community, particularly the eurozone, that it can solve the banking crisis. It is believed the Bank of Ireland would need around €5bn, and EBS around €1bn.

The future policy could result in two strong institutions, the AIB and Bank of Ireland - made up of parts of smaller banks.

After the stress test results have been published, the European Commission, and the ECB are expected to issue a formal response.

Anglo Irish Bank Chief Executive Mike Aynsley said the banking system developed 'black holes' which need to be funded. He added the country needed a healthy banking system to ensure a healthy economy.

(BMcN/GK)

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