Sunday 18 March 2018

We may have passed -- but it's too early to celebrate

IN the same way you wouldn't congratulate a Leaving Cert student for passing a primary school spelling test, those of the champagne-popping disposition would do well to look at the detail of the European stress tests before breaking out the Moet for Ireland's banks.

Yes, our banks passed the test, but so did pretty much every other bank in Europe, bar some basket-case Spanish savings banks, the chronically troubled Hypo and a bank from fiscally challenged Greece.

Or to phrase it another way, if AIB and Bank of Ireland hadn't passed, they'd have been in quite the audacious company.

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