| 11.1°C Dublin

New ordeal for banks

BANKS in Ireland will continue to struggle to turn a profit as late as 2013, ratings agency Standard & Poor's has anticipated.

The agency said that the financial houses would continue to rely on support from monetary authorities and the State "for the foreseeable future".

Ireland is now bottom of the pile of countries analysed as the banking sector fell one mark in S&P's Banking Industry Country Risk Assessment, a measure of the risks facing banks in various countries.