The very topmost Irish bankers have lost much – wealth because of shareholdings, status, continued salary income at the very high rates that were prevalent before the bust, and so on. It was not only with the Government’s money that they took risks; but the losses assumed by the Government have been the largest part.
In Ireland, more than half of the prospective financial accounting losses will have been borne by the Government, with the remainder representing loss of shareholder value and haircuts on subordinated debt.