4  BIS central bankers’ speeches  Ireland’s institutional arrangements for dealing with the situation to date do seem to mirror this international consensus about the most appropriate institutional arrangements: NAMA for the big property loans, the banks for the remaining bad loans, and massive recapitalisation of, and extensive liquidity provision to, the banks. The differences are ones of scale rather than design.
In particular, the losses destabilised the finances of the State, limiting its ability to react. There have been suggestions that further blocks of banking assets could be moved off the balance sheet of the main banks.