Regulator tells troubled Irish banks to "face up to the pain"

05/19/2010 | Bloomberg

Matthew Elderfield, head of Ireland's financial-regulatory agency, said troubled institutions Allied Irish Banks and Bank of Ireland need to realise their property-loan losses to avoid a situation similar to Japan's lost decade. "Face up to the pain rather than the Japanese model, where it's drawn out and it can inhibit growth," Elderfield said. "You want to take decisive action."

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