Irish bank deposits
Banks across Europe may be toast and Irish banks may need to raise another €4bn over the next couple of years -- but consumers remain unphased by the carnage unfolding on the Continent. The amount of household and non-financial corporate deposits in Irish banks rose by a modest enough €187m in April. With a fear of a run on banks in Spain and Greece, this is a fairly positive signal for the Irish banking sector.
It's probably the most depressing economic indicator of them all -- the monthly statistics from insolvencyjournal.ie, which chart the number of Irish companies going splat. Latest figures for May show a rise of 27 per cent year-on-year. The manufacturing sector saw the biggest rise in insolvencies in the last month, which makes for grim, grim reading. Without a successful small and medium business sector, the economy is going nowhere fast.
Sunday Indo Business