The first move to recapitalise banks was in late 2008, though these injections were small relative to what would come later. To help stabilise and start to resize the system, it was decided to establish a national asset management agency (NAMA) to purchase the largest property development-related loans, removing them from banks’ balance sheets.
Because the outlook for the domestic economy is intricately tied to the global prospects, it is appropriate to consider whether or not we are out of the crisis yet. There is little doubt that the global financial crisis is still with us, although it has continued to mutate.