The arrival of 2014 heralded more than just the start of a new year for Ireland and its banking industry. The doom and gloom of the financial crisis were finally replaced by a welcome optimism after the country left behind its programme of international financial support and regained its independence. But although there is much for the country to be proud of, there is little time for celebration as fresh challenges come thick and fast for Ireland’s banking sector.
Memories of the financial rescue still seem like an open wound for many in Ireland. The country took on €67.5bn of external funding from the EU, the International Monetary Fund and several bilateral lenders. To this, Ireland added €17.5bn of its own funding from its Treasury cash buffer and the National Pensions Reserve Fund.
