Who’s Afraid of Bank Stress Tests? Not Ireland, Not Much [Bloomberg Business News]
GOVERNOR & CO BANK IRELAND (IRE)
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Source: Bloomberg Business News
Who’s Afraid of Bank Stress Tests? Not Ireland, Not Much Ireland, home of the euro region’sworst banking crisis four years ago, is relaxed about the latestexamination of its financial companies. Irish banks needed to raise 24 billion euros ($30.1billion) when last probed by the nation’s central bank threeyears ago. Now, only the smallest surviving bailed-out lender, Permanent TSB Group Holdings Plc (IPM) , faces a capital shortfallafter a European assessment this month, Finance Minister Michael Noonan signaled on Oct. 14. “Permanent TSB is the most vulnerable of the Irishbanks,” said Emmet Gaffney, an analyst at Investec Plc (INVP) inDublin. “Even in an extremely bearish scenario, I can’t see acapital need of more than 700 million euros.” Investor concerns that failing banks would sink Irelandpushed the country into a bailout in 2010. Four years on, Irishborrowing costs based on 10-year bonds are closer to Sweden thanSpain, and Noonan said last week that’s the two
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