More pain for the taxpayer
THE revelation by deputy Central Bank governor Matthew Elderfield that the Irish banks will require a further €3bn-€4bn of fresh capital over the next six years came as little surprise to most observers.
With mortgage losses mounting and lending still falling, the Irish banking crisis is far from over.
Mr Elderfield's revelation came on the same week that the latest Central Bank banking statistics showed that mortgage lending fell by 2.5 per cent in the year to April while other lending fell by 8.4 per cent over the same period.
While Mr Elderfield hopes that the extra capital will come from the banks' own retained profits, taxpayers, who have already pumped over €63bn into the banks, will be rightly worried.
Sunday Indo Business