Reflecting the financial crisis in the United States (particularly in the housing market), equity shares in Ireland's third largest lender, the Anglo Irish Bank Corporation, Plc., dropped sharply, consistent with a trend over the past two weeks as the situation in America has worsened. As reported in the Irish Independent ("Anglo Irish shares plummet in 21-year record," Ian Guider, 09/23/08), other financial institutions in the Republic are showing equally dismal market values.
This raised concerns that loan losses may accelerate and property values plunge, mirroring the effect that the influential U.S. market has on Ireland as well as the possibility that the situation is surfacing internal weaknesses in the Irish economy.
We don't want to sound simplistic, but Ireland's financial institutions and mortgage companies, such as Anglo Irish, Bank of Ireland, Allied Irish, Bradford & Bingley, HBOS, Natixis, Irish Nationwide Building Society, and so on, could possibly find their way out of the current situation by organizing to study and, if they find it feasible, work to implement the Homeowners' Equity Corporation proposal we've been advocating for nearly a year, and posting frequently on this blog. After that, the Capital Homestead Act would be a natural next step.
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