Extensive asset insurance (UK) and asset purchase (Ireland) schemes have been put in place and government has injected capital into major banks on both sides of the Irish Sea, nationalizing some of them. The Irish measures will soon be completed when the major asset purchases of NAMA are finalized, and the main banks are recapitalized, at least in part with further investments by Government.
While the scale of the Irish measures is larger than those in Britain, and the design of the measures different in detail, as is warranted by the contrasting nature and scale of the distressed assets held in the two banking systems, their broad outlines have striking similarities.