| From Belfasttelegraph.co.uk: The six main Irish banks and building societies currently have €39.1bn loaned out to property developers, the Republic's Financial Regulator revealed yesterday. €15bn of the construction loans are secured directly on the underlying properties -- the values of which are declining rapidly.
Amid sharp questioning on his role in the ongoing financial crisis, Patrick Neary said the watchdog was recruiting 20 supervisors to send in to monitor the activities of lenders participating in the €500bn Irish Government's guarantee scheme..... Full Article: Source
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