IMF's GFSR Chapter 1 offers a nice visual highlighting the fact that Irish banking system is still the sickest of all banking systems in Europe, bar that of Greece (which doesn't count, for anyone with a will to argue the point, as it has been comprehensively destroyed in rounds of sovereign debt restructuring and by all Troika MOUs is yet to undergo the 'repairs' similar to those allegedly 'completed' in Ireland in 2011):
And a footnote explaining the chart:
The UK & US banks look better because their base of operations is in trade deficit (i.e.they get free goods to burn)
ReplyDeleteIreland Greece & others are being pushed into extreme real goods surplus to sustain this arrangement.
What do banks do when they create a deposit ?
They create a asset , in neo liberal lala land much of this is a car or house.
This action destroys the core energy capital base.