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24/10/2008
Protected Banks To Submit Risk Reduction Plans
The banks recently bailed out by protection from the state are starting to pay the price as the Financial Regulator demands business plans on how they will reduce risk.
The risk reduction plans form only a part of the new obligations imposed on the protected banks, along with a €1 billion slice of their profits in annual payments coming back into the public purse, and the installation of officers on each bank's board.
The details of the annual charges to some institutions emerged on Thursday, and will see AIB paying less than €130 million a year to participate, Bank of Ireland paying €115 million per year, Irish Life Permanent €50 million a year, while EBS building society will pay less than €15 million a year.
The moves were agreed as part of the €500bn deposit guarantee introduced by the Government to prop up the Irish banking sector amid the global financial crisis.
Although, the demands for a 'risk' reduction scheme may protect against future crashes for Irish banks, some economists are questioning whether the limiting of risk taking on the behalf of banks could seriously impinge on their profitability.
(DW)
The risk reduction plans form only a part of the new obligations imposed on the protected banks, along with a €1 billion slice of their profits in annual payments coming back into the public purse, and the installation of officers on each bank's board.
The details of the annual charges to some institutions emerged on Thursday, and will see AIB paying less than €130 million a year to participate, Bank of Ireland paying €115 million per year, Irish Life Permanent €50 million a year, while EBS building society will pay less than €15 million a year.
The moves were agreed as part of the €500bn deposit guarantee introduced by the Government to prop up the Irish banking sector amid the global financial crisis.
Although, the demands for a 'risk' reduction scheme may protect against future crashes for Irish banks, some economists are questioning whether the limiting of risk taking on the behalf of banks could seriously impinge on their profitability.
(DW)
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Ireland WeatherToday:Showers today, occasional north and west of Lough Neagh, but only a few isolated light outbreaks expected for Belfast and county Down where the best of the winter sunshine is expected. West to northwest winds brisk around the coasts. Maximum temperature 10 °C.Tonight:Showers focused across northern areas of the Province, with most in the south staying dry, with a frost developing for many here. Northwest winds fresh around the coasts. Minimum temperature 0 °C.
