Recovery a pipe dream until NAMA doors open
Published 23/02/2010 | 05:00
Uncertainty over the future of the banking sector represents a weight around the neck of those who raise money for Ireland
Yesterday, Kerry Group was worth almost twice as much as AIB and Bank of Ireland put together. Michael O'Leary's Ryanair is worth five times the value of AIB, once the country's largest bank.
According to Wall Street giant Morgan Stanley, AIB and Bank of Ireland together will be short €9bn of capital when loans move into the National Asset Management Agency (NAMA) in a process that is supposed to get under way next month.