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IBRC urges 'bad banks'

The boss of the Irish Bank and Resolution Corporation (IBRC) has urged Spain to create a number of 'bad banks' to deal with the country's banking crisis.

Mike Aynsley revealed that he has been in contact with the Spanish authorities and told them not to take Ireland's path in creating just one bad institution in NAMA.

"What you are really looking at doing is a clean-up of the banking system, not a partial clean-up of the banking system," he said.

"Looking back for Ireland, yes it [Nama] was the right place to start but it wasn't, in retrospect, a broad enough look at the extent of the problems that were emerging in the banking sector," he added.