Sham Nation

Meanwhile the lying goes on apace.

Irish Nationwide takes only 5% writedowns on a loanbook that is 80% to developers – when houses are down 15% and developments are down 30-40%.

Shame on the directors, the auditors, the regulators and the Government.

How are the electors, our EU colleagues (and bankrollers) and our trading partners  supposed to take us seriously when we are passing off such pitifully thin tissues of fabrications as ‘true and fair statements of account’.

There is no mention of the foreign exchange exposure here other that to note that the loan book contracted on foot of the sterling devaluation. In this atmosphere lack of clarity breeds distrust.

This institution is clearly bust and is surviving on the strength of the Govt. guarantee. And they have the cheek to try and coerce the Govt. on foot of their presumed ‘centrality’ to the financial structures of  the State.

Are they alone in living in cloud-cuckoo land or is everyone on this island delusional.