As discussed in the previous article, European Central Bank’s policies since the end of the Global Financial Crisis have been accommodative of the Irish banks’ recovery, especially when it comes to the cost of bank funding. The overall lower cost of banks’ equity and debt finance, as well as lower cost pressures from deposits have afforded the Irish banking players a de facto free ride through the funding markets. Irish regulators, by effectively turning a blind eye to the plight of the domestic depositors and facilitating sales of distressed assets to the vulture funds, have further underpinned profit margins extracted…

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