- Post 20 May 2012
- By Copy Editor
Irish banks may need more money to cover losses, say analysts. Photo: Getty Images
“You are not going to go back if interest rates are very, very high and you can get a better deal from the EU/IMF,” he said. “It’s a question of wait and see.”
Separately, Bank of Ireland agreed a voluntary redundancy scheme with employees which their union said would pave the way for up to 1,000 more job cuts. The bank was the only Irish lender to avoid nationalisation, after a group of US investors came to its aid last year.
“Ireland has made huge progress over the last year. It is really a pity what is happening in Greece is spoiling all this,” Lorenzo Bini Smaghi, a former European Central Bank policymaker, told Dublin radio. “Without the Greek events, I think Ireland would be able to come back to the [bond] markets.”