Deliver Your News to the World releases video on the Irish economy

WEBWIRE, the home of Saxo Bankís trading commentary, financial research and analysis, has released a video discussing the current economic situation in Ireland.

Itís shaky days for the banking sector in Ireland following the results of the Irish Central Bankís stress tests of four lenders showing they need an extra 24 billion Euros, plus an overhaul, taking the total bill for bailing out Irish banks so far to about 70 billion Euros. Irelandís finance minister has presented a plan to restructure the banking sector but the question is whether this will be enough in the long run to keep the beleaguered banks operable and to restore confidence in the Irish financial sector as a whole. Steen Jakobsen, chief economist for Saxo Bank gives his views on the Irish banking situation and some insight into what implications if any it has on the Eurozone and the Euro.

Steen discusses that it is extremely difficult to be a bank in Ireland today due to the fact that they are borrowing the same amount of money as they have coming in right now, and it is a very difficult thing to ensure so much capital is coming in on daily basis. The Irish finance minister believes that merging the banks may be the best way forward from both a practical and political point of view as it should make them stand stronger. However, Steen points out it may not create complete transparency and may just create two groups to deal with instead of four.

Steen also discusses what implications the current economic state of Ireland could have on the banking sector as a whole. The Irish banks have been forced to re-evaluate their assets at 56% of the original value, and if this was to happen to the entire banking sector it would see it going bankrupt. However, Steen points out that the Irish may be being too harsh in their assessment or the EU may be too conservative in theirs, so this may not be the case. Steen believes the EU will continue to fund banking and the banking crisis as banking is seen as an integral part of the economy and the recovery.

Finally, Steen comments on what effect this could have on the Euro. Steen believes that as long as the problem remains contained to Ireland, Portugal and Greece it will not be perceived as a huge problem. As long as Spain in not involved in the crisis, people will not view it as a European risk.

About is the web portal home of Saxo Bankís trading commentary, financial research and analysis.

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PR contact:
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Head of Group Public Relations
Saxo Bank
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