Irish government attempts to reduce the number of banks in the country
In a move which may yet be instigated in the UK it has been confirmed that the Irish government has been actively encouraging the merger of smaller banking operations with some of their larger counterparts. While no specific names have been mentioned the government has taken the decision that the sector can only survive with the assistance of the larger banks as many of the smaller operations are being squeezed.
This is yet another example of the fact that the credit crunch and ongoing recession is set to change the financial landscape of countries such as Ireland and the UK forever. We have seen a number of household names bite the dust, governments step in to fund multibillion pound takeovers and offer financial assistance, not to mention tax cuts for the consumer in order to try and refloat economies.
There is a danger of complacency in the UK where many consumers are mistakenly under the impression that the worst is over and the rescue package will kick in immediately. The signs are that the billions of pounds injected into the system will take time to filter through and we could see the economy move markedly lower before showing signs of recovery.
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