Irish regulator sees end to bank guarantees
DUBLIN Oct 19 (Reuters) - Ireland is close to being able to remove an expensive state guarantee on deposits to ease the pressure on banks whose medium-term capital position remains uncertain, the country's head of financial regulation said on Friday.
Ireland's almost fully state-owned banks, whose rescue cost the equivalent of 40 percent of annual economic output, have seen their losses widen on the cost of the guarantee and capital threatened by worsening mortgage arrears.
"In my view we are getting close to the position where the changing circumstances arising from successful implementation of the IMF/EU programme and the introduction of the banking union should permit the full removal of the government guarantee," Matthew Elderfield said in prepared remarks.
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