•  The banking system sustained its asset expansion with total resources growing by 9.8% to reach P5.6 trillion as of end-November 2008. Among bank assets, loans (gross, and exclusive of interbank loans) posted a significant growth of 23.5%. This asset expansion was supported by a continued rise in deposit base which registered a 15.9% growth as of end November 2008.
Our Prudential Capital Adequacy Review (PCAR) of March 2011 forms the basis of current capital requirements on the Irish banks. I have previously explained in some detail the timeline that led up to this assessment and the flow of partial information which defeated our attempts to manage expectations and stabilise the capital adequacy needs.