It  3  This is because of the pari passu nature of bond and deposit liabilities of Irish banks at the time (unlike in the US), and because the two banks involved had had to be recapitalised to maintain their access to central bank refinancing.
The headwinds blowing from abroad and challenges at home calls for a broadbased policy mix focused on the need to manage short-term vulnerabilities and to boost potential growth as well as diversify growth engine in the medium-term. 30.