Friday, April 1, 2011

Stress Tested In Ireland...

So, we're are putting another €24 Billion into the banks. This brings the total since September 2008 to €71Billion (click HERE).

Comprehending this figure is impossible but what's more incredible is how it was allowed to happen.

We're now going to go back to just 2 commercial banks in the country. Therefore a duopoly will probably occur. No foreign banks will be coming here for a long time. Competition is effectively gone.

Competition in the marketplace is always reeled out as the answer to everything.

What's the answer now?

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