Scale of losses dealt with by the capital injections I’m not sure that it is widely recognized just how big the actual and prospective loan-losses taken account of in the recapitalization of retail banks in Ireland has been.
In fact, if we include the losses of the 6 main foreign owned banks active in the domestic market, of which the largest have been Ulster (an RBS subsidiary) and BOSI (a subsidiary of Lloyds) as well as all six of the banks that were guaranteed at the end of September 2008, and if we include all loan losses that have been provided for in the accounts of the banks since 2007, as well  1  2  And this is the steady state cost, which would be true even if there were no interest free period.