Not surprisingly, both of the big British banks that have suffered most in the crisis (HBOS and RBS) have – like the locally controlled banks – reported a severe loan-loss experience on the lending of their Irish subsidiaries. Both countries have acted decisively to protect crucial but weakened segments of their banking systems.
To rack our brains and map out ways to achieve a better exchange rate regime is one of the most important challenges for central bankers. I am convinced that with the experts from all over the world exchanging their experiences and views, this conference will contribute to meeting such a challenge.