Irish business group IBEC believed that the move was a “key milestone on the way to restoring international confidence in the Irish economy.” Sebastian Orsi of Merrion Stockbrokers says that “it’s a tough review of the capital requirements but it should give certainty over the amount of capital that’s required and the ability of the banks to withstand any future losses.”
Matthew Elderfield, new head of financial regulation, remarked on how the banks have been given a serious reprieve by removing the toxic loans off their balance sheets, but further aid will still be required to speed the recovery of banks and the economy alike. Central Bank Governor Patrick Honohan stated that banks have been given a solid footing and should be able to refocus their attention on supporting the Irish economy. [Will the Luck O’ the Irish Spread to ETFs?]
For more information on Ireland, visit our Ireland category.
Currently, there is no single country-specific ETF for Ireland, but iShares, PowerShares and State Street all have Ireland-focused funds in registration as we write. An investor may still invest in Ireland’s closed-end fund (CEF) for the time being. [The Difference Between CEFs And ETFs.]
- New Ireland Fund (NYSE: IRL)
Max Chen contributed to this article.