Exposure Fears for “Irish” Banks ?

The lead story in the Companies & Markets section of today’s FT carries this headline and focuses on the high apparent exposures of “Irish” Banks to Portugal, Greece and Spain: you can read the story here.

I am pretty sure that the exposures of the banks that are underwritten by the Irish State to these countries must be quite small.  Rather, the high numbers in the BIS dataset reflect the activities of international banks that have operations in the IFSC  – these banks do not have a role in the Irish domestic financial system.

(This is a periodic story that is re-reported with every release of BIS data.)