DMcW: Banks are drowning us in debt

This Tuesday, the Central Bank (ireland) will publish what is probably its most important report this year. The bank will unveil its financial stability report on Irish banks. It will assess whether the banks have been prudent in their lending over the course of the past year and whether there is any evidence of risk to the system.

In a former life, I used to write economic reports for the Central Bank, so am reasonably well placed to give you an idea of what it will say. To get an idea of what the read will be like, imagine you are listening to a theatrical prosecuting barrister outlining a long list of offences he alleges were committed by the defendant, ‘Mr Banks'.

“M'lud, in front of me is this snivelling piece of financial delinquency, who has been engaged in practices so heinous, so depraved, so despicable that he threatens the integrity of the entire system. His profligacy knows no bounds; his self-serving greed is so transparent as to suggest that he is beyond redemption.”

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