We all love consistency in others.

AIB have an enormous reputation for consistency. Sadly, it is not a positive feature of their character.

Four months ago AIB reported a profit on the back of some loan writedowns that looked weak to this and many other observers. Back then, their share price was sitting on the edge of the toilet seat. Bad news could have reduced their paper to the status of toilet paper.

Now, thanks to the global sucker rally they don’t look so bad.

And, all of a sudden, they find that they have an extra 4 Bln Euros of bad debts.

Has the economy taken a massive turn for the worse in the last 4 months. No, all the bad news is out there. In fact, there has been lots of non-Irish positive news.

We are being lied to by our banks and their accountants. Over bad debts, valuations and ‘stress tests’. This is still being allowed to happen by the regulator and the central bank. And our politicians are condoning it.

There can be no recovery until the people start to spend and borrow again. There will be no recovery while the people do not trust the economy, Govt. and banks. Nothing in the behaviour of these actors over the last months has done anything to increase anyones confidence.

In that they are most consistent.

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