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Mergers in bank sector looking increasingly likely
Friday, 21 November 2008
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It seems increasingly likely that mergers will take place in an effort to stabilise the Irish banking sector.
Reports this morning say Finance Minister Brian Lenihan has signalled in talks with the six Irish-owned banks and building societies that he expects consolidation in the market.
Mergers could reportedly be agreed as part of a recapitalisation plan for the banks that could include billions of euros of taxpayers' money.
The plan could also see private investors taking a stake in some of the new merged entities.
Mr Lenihan held talks with the heads of the six Irish-owned banks and building societies yesterday and asked them to reflect on the meetings before more talks planned for next week.
The banks themselves are declining to comment on the discussions.
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