That was true of the largest investment and commercial banks, several of which either failed or required taxpayer support to survive. It was also true of the many pieces of the financial market infrastructure whose structural weaknesses contributed to the crisis, such as the triparty repurchase agreement (repo) market, the over-thecounter derivative market, and prime money market funds.
With their due diligence complementing the tail-risk reduction envisaged from PCAR2011, it is not unreasonable to suppose that such investors will see sufficient franchise value in the continuing banks to convince them that attractive investment opportunities exist. I look forward to welcoming new owners of Ireland’s downsized and cleaned-up banks.