Eoin Dorgan’s letter in the FT this morning provides a useful reminder of the distribution of assets in the Irish banking system. Monday’s FT article used the Central Bank data on ‘domestic credit market institutions’ – the total assets of this group stood at €776 billion at end June. Eoin Dorgan points out that the total assets of the ‘six domestically owned banks’ (I presume he means the six institutions covered by the guarantee) was €523 billion at end June. The non-covered institutions (Ulster Bank, Danske, Bank of Scotland Ireland etc) account for one third of total assets and any comprehensive analysis of the expansion, collapse and restructuring of the Irish banking system needs to incorporate this category.
The full list of domestic credit market institutions is available here.