First straight up, the markets 'voting' on Irish banks:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqSVyuvtgJOkWyuGn-MCfNefSxKFk1PcsmiPTNXQUuQBXjFCR1ObivdIlQ0Ja9qhVFRIrbo8jQlMC0Utmwq7LVWqW5aRpUNIiLZBRXj4JzZtxuzRkimfWlmMcwdveenXfARrizBnCFmYzZ/s280/Screen+shot+2011-06-17+at+12.21.32.png)
- Explicitly underwritten virtually all deposits and most of the bonds held or issued by the IRL6;
- Implicitly underwritten virtually any extent of losses in the IRL6;
- Explicitly purchased some of the worst 'assets' held by the IRL6; and
- Explicitly underwritten all of the IRL6 funding through ECB and CBofI lending facilities
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuER9be7yUsU4iGxD1AdBeZJwcfMC-jYCPZWkY4mVD9d6b6jsgesXtAGfCZjfcsr84qqYD7LX2TSyoj_DxJxdiTQUBMlvK_4RPReVshq27nQ_SbNs8t75OsFdez_INrN6ivlDggNMJGQOI/s280/Screen+shot+2011-06-17+at+12.21.44.png)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOBJVCMyy69tPbgXduN50gLrz4FVVZzWLRarf9WlfmLR-4VGvfM8HgauEO-qDVNX_FVnOZyCwdG9SZLbf9uDpAjQOFqHC4P31AvtoUa_LSOk43Iz2Gkk8KmZ8_iN-J97ybv0Xk6WPTGaYi/s280/Screen+shot+2011-06-17+at+12.21.55.png)
- Financial investors have no confidence in IRL6 (as these charts illustrate)
- Fellow peer banks around the world have no confidence in IRL6 (as clearly indicated by the fact that other banks are not willing to lend to IRL6)
- Bond markets have no confidence in IRL6 (since none of IRL6 can issue any debt paper)
- The ECB has no confidence in IRL6 as it desperately tries to shed their borrowings off its balance sheet (including by shifting it onto CBofI balancesheet)
- Private sector have no confidence in IRL6 as they have taken out some €24 billion worth of funds from IRL6 (per April 2011 data from CBofI) or 23% relative to peak
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNCRg-9WXAT61hpnjg3ky_eYPDNWcwwouLROLR8HvCG5KlZHspYjph6WGP8jyWWwXXYTkK1DBhyI2IWtsdQAZXv0PA44So1RVHx1ykTwPObVe4zzB6W_jV7a4RQTkze1-zOQWNYU4yiVtO/s280/Screen+shot+2011-06-17+at+12.22.05.png)
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