RTE article A financial industry source has told the Irish Independent that Irish banks are interested in buying up Irish banks, as the sector continues to struggle financially following the financial crisis.
The source, who did not want to be named, said: “There’s no doubt that there are a number of banks, who have been trying to buy Irish banks and they are now interested in them.”
This has been going on for quite some time and there’s a lot of speculation about what will happen next and the timing of that is a bit of a mystery but I think it will happen.
“They have had a lot invested in the Irish banks.”
The fact that they’ve got so much money invested in Irish banks is really, really encouraging and they need to invest again because there’s nothing else they can do with that money.
“The financial industry has invested a total of €50bn (£38bn) into Irish banks since the 2008 financial crisis, and the Irish government is trying to increase that to €80bn by 2020.
The Irish banking industry has been looking at ways to sell off Irish banks as a way to raise money for its efforts to rebuild the economy and address the country’s debts.
Last week, the Irish Government announced plans to sell more than €300bn in Irish bonds, a move that could see the country in the red by 2020 if the Government does not act quickly.
The latest Irish Times/Ipsos poll, published today, shows that 56 per cent of respondents are against selling off Irish financials to the Irish banking sector, with 44 per cent saying they would be OK with it.
That is down from 59 per cent in January, with 40 per cent opposed to the idea.