However, in practice, one should also take into account the idiosyncratic features of central banks when compared with private financial institutions, such as the fact that their ability to issue legal tender also contributes to their resilience by guaranteeing a future stream of income.
I would say that it mainly reflects Irish banks are still having some way to go to deal with the legacy of the crisis. They’ve been doing good work in terms of being more productive, more efficient. They are doing a good job to get rid of non-performing loans, but that’s a journey and it’s a long journey.