Monday 23 April 2018

Comment: No surprise banks look out only for themselves

Stock photo: Reuters
Stock photo: Reuters

Donal O’Donovan

There is an adage that there are two sure-fire ways to lose a friend; one is to borrow, the other to lend. The banks lost their friends a long time ago.

The reasons for the cooling in relationships are manifold: the crash, a €65bn bailout, a catastrophic lending spree, closure of branches across the country, and a scaling back on services.

They completely overplayed their hands inventing concepts like "air money" buying real assets leveraged off worthless ones and when the house went up in flames the taxpayer was burned. The banks passed on the bill for the damage and reopened in business-as-usual mode.

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