Funding of Irish Banks

According to S&P’s recent report on Irish banks wholesale funding accounts for between 46% and 48% of the needs of the banks equivalent to the European average. The reluctance of banks to lend to each other has caused the interbank interest rate to go well above the key European Central Bank rate. The Irish Banks have relatively small exposure to the troubled asset classes including the U.S. subprimes and the bond insurers (monolines). Irish Permanent and Anglo Irish Bank are more vulnerable than AIB and Bank of Ireland. 

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