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Are we about to see a run on Irish banks?

As the banking situation in Ireland continues to worsen there are serious concerns of a significant shift of funds away from the country into "safer" banking systems. The nationalisation of the Anglo Irish bank, and the rumoured similar fate of other leading Irish banks, has impacted heavily upon confidence in the Irish banking system.

As if to make matters worse, the Financial Services Authority has today reminded UK investors that they will not be covered by the Financial Services Compensation scheme in the event that an Irish bank failed in a similar way to Icelandic operation Icesave. There are serious concerns that many UK investors in particular are looking to withdraw their funds from the Irish banking system which could exacerbate an already difficult situation.

How ironic that UK investors are looking to repatriate their money at a time when the UK economy and UK banking system is under serious pressure, although many believe the Irish situation is worse still. Only a matter of weeks ago the Irish government had received worldwide acclaim for its handling of the banking crisis although events in the last few days have undone much of the good work.

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