April 4, 2008 / 10:04 AM / 12 years ago

Irish bank exposure to subprime "limited"-c.bank

DUBLIN, April 4 (Reuters) - Irish banks have only limited exposure to subprime and the other related risky assets that have sparked huge writedowns at major international finance houses, Ireland’s central bank said on Friday.

In its latest quarterly report, the central bank said that stress-testing showed Irish banks, which have a weighting of over 40 percent of Ireland's stock market .ISEQ, were well-capitalised and profitable.

“With financial institutions generally out of favour, like their counterparts elsewhere domestic institutions have been affected by the reduced level of activity in interbank markets (particularly for medium-term funding) and bank share prices have declined,” the bank said.

“However, Irish financial institutions have only very limited exposure to impaired subprime or related assets and stress-testing exercises indicate that Irish banks are solidly profitable, well capitalised and have high-quality assets.”

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