Foreign Banks Getting Run Out of Ireland!

The Irish Times has quoted Dutch Lender Rabobank as saying its no longer possible for foreign banks to trade in Ireland. This comes on the heals announcing it had set aside € 1 billion to cover losses on the € 4 billion loan book at the Irish subsidiary ACCBank. The Dutch Lender has stated that foreign banks in Ireland will now have “ to take care of themselves” as the government support measures are unavailable to non-Irish banks. The Chief Financial Officer Bert Bruggink stated, “ its not really possible for non-Irish banks to compete on that market any more.” this after stating that NAMA is the one area where they turn for support on bad loans. Babobank has decided to do a gradual pullout from Ireland. They have announced that the reason for the pull out is because of the short and medium term economic prospects show that there will not be an economic recover in the near future.