Deleveraging at individual banks is a critical part of the necessary restructuring process. By the end of 2013 the core components of the banks will focus on supporting the Irish economy. In the meantime, assets for disposal and deleveraging will be managed though non-core divisions. We have ensured that capital is set aside to support this deleveraging process.
But there is common cause between the Central Bank, the Government and the  BIS central bankers’ speeches  3  banks that deleveraging should not come at any price and that fire sales should not be adopted for the deleveraging process. We are therefore monitoring this process closely. This deleveraging process will be a long slog but it is now starting in earnest.