However, like their international peers, Irish banks have been operating in an environment where liquidity is not as readily available as heretofore. In addition, notwithstanding the fact that the larger institutions have diversified their businesses outside the Irish economy, the banking sector is operating in an economy where growth will be slower by comparison with recent years.
This should give us some confidence that we can handle the next one - whatever it is - as successfully. BIS Review 41/2002  7