Ireland fact of the day

Irish Life and Permanent is expected to require more than €3 billion – about 30 times its market value – to meet worst-case mortgage losses estimated in the tests.

Here is more.  Once the Irish government takes majority ownership in this company, virtually the entire Irish banking system will have been nationalized, with no prospect of re-privatization in sight.  Some of the stress tests, by the way, are based on data taken from Nevada.