The Irish government plans on providing 10 billion euros to recapitalize its banks. The money will go to four different banks. The finance minister said, “the financial institutions are so embedded in our economy…they are of systematic importance to our economy.” Shares of one bank, Bank of Ireland, have fallen 92 percent this past year.
Tuesday, December 16, 2008
Irish Banks to be Recapitalized
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I find it interesting because when looking at the economic systems and economic ideologies, I would expect this from European nations. But I would not expect this sort of thing to necessarily happen in the U.S., which it did. I do understand that if the banks did completely fail, we would be in a worse situation than we are now. I just didn't think the style or the amount of the bailout would happen in the U.S.
I do hope that this helps revitalize their banks because as we have seen it hasn't happened to the full extent in the U.S.
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