On March 18, the day after St Patrick’s Day, the heads of the main Irish banks held a high-profile meeting with Paschal Donohoe, the finance minister. Shortly after, the banks announced payment breaks on mortgages, personal loans, and business loans. The European Banking Authority (EBA), the banks’ regulator, had offered the entire eurozone banking system a no-consequences payment holiday for six months, and the Irish banks chose to take it up, initially for three months. The situation suited everyone. The government had been seen to protect borrowers. The EBA cut the banks some slack, which prevented them from having to raise…

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