Credit Institutions Resident in the Republic of Irelanda Domestic

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Credit Institutions Resident in the Republic of Irelanda Domestic

a a Credit Institutions Resident in the Republic of Ireland Domestic Mark et Group Aareal Bank AG ING Bank NV AIB Mortgage Bank AIB Mortgage Bank Intesa Sanpaolo Bank Ireland plc Allied Irish Banks plc Allied Irish Banks plc Investec Bank plc Bank of America Merrill Lynch International Limited Bank of America Merrill Lynch International Limited JP Morgan Bank (Ireland) plc Bank of Ireland Mortgage Bank Bank of Ireland Mortgage Bank KBC Bank Ireland plc Barclays Bank Ireland plc Bank of Montreal Ireland plc KBC Bank NV Dublin Branch Danske Bank A/S Barclays Bank Ireland plc Leeds Building Society EBS Designated Activity Company Barclays Bank plc LGT Bank (Ireland) Limited EBS Mortgage Finance Belfius Bank, Dublin Branch Marks & Spencer Financial Services plc FCE Bank plc BNP Paribas SA Merrill Lynch International Bank Designated Activity Company HSBC Bank plc Investec Bank plc BNP Paribas Securities Services, Dublin Branch Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. KBC Bank Ireland plc CACEIS Bank Luxembourg Nationwide Building Society Leeds Building Society Citco Bank Nederland NV Permanent tsb plc Marks & Spencer Financial Services Citibank Europe plc Rabobank Nederland Nationwide Building Society Credit Suisse AG, Dublin Branch RBC Investor Services Bank S.A. Permanent tsb plc Credit Suisse International RCI Banque Rabobank Nederland Danske Bank A/S Scotiabank (Ireland) Limited Designated Activity Company RCI Banque Dell Bank International Designated Activity Company Société Générale S.A. The Governor and Company of the Bank of Ireland Depfa ACS Bank Sumitomo Mitsui Banking Corporation Europe Ltd The Royal Bank of Scotland plc Depfa Bank plc The Bank of New York Mellon SA/NV Ulster Bank Ireland Designated Activity Company Deutsche Bank AG The Governor and Company of the Bank of Ireland Volkswagen Bank GmbH Dexia Crédit Local The Royal Bank of Scotland plc Credit Unions as regulated by the Registrar of Credit Unions DZ Bank Ireland plc UBS (Luxembourg) S.A. EAA Covered Bond Bank plc Ulster Bank Ireland Designated Activity Company EBS Designated Activity Company UniCredit Bank Ireland plc EBS Mortgage Finance Volkswagen Bank GmbH Elavon Financial Services Designated Activity Company Wells Fargo Bank International FCE Bank plc Credit Unions as regulated by the Registrar of Credit Unions Hewlett-Packard International Bank plc HSBC Bank plc a Data as at end-September 2016 .

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Irish Economy Note No. 13 “Did the ECB Cause a Run on Irish Banks
Irish Economy Note No. 13 “Did the ECB Cause a Run on Irish Banks? Evidence from Disaggregated Data” Gary O’Callaghan Dubrovnik International University February 2011 www.irisheconomy.ie/Notes/IrishEconomyNote13.pdf Did the ECB Cause a Run on Irish Banks? Evidence from the Disaggregated Data. Gary O’Callaghan Dubrovnik International University February 2011 The paper closely examines events leading up to the Irish crisis of November 2010. It traces the effects of these events on both the onshore banking sector and on an offshore sector that is almost as large but is very different in terms of structure and commitment. Both sectors benefit from liquidity support by the European Central Bank (ECB) but the offshore sector does not benefit from a Government guarantee on deposits and securities and no bank in this category would expect to be recapitalised by the Irish Government in the event of its insolvency. Therefore, by examining the effects of certain events on deposits in each sector, one can distinguish between a crisis of confidence in monetary support (that would apply to both sectors) and an erosion of credibility in fiscal policy (that would apply to domestic banks only). The paper suggests that a systemic run on Irish banks was the proximate cause of the November crisis (even if a financing package might have been needed anyway) and that it probably resulted from public musings by ECB Council members on the need to curtail liquidity support to banks. An ECB commitment in May to support government bonds had undermined its ability to reign in monetary policy and left it searching for an exit.
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