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Wed 02 Feb 2010State must not bank on bailout of bad mortgages
OPINION:GROWING UP beside the seaside, one becomes familiar with the sea and its actions. One thing that becomes clear is that while the first wave of a storm may do great damage, it is the subsequent waves that complete the destruction, writes BRIAN LUCEY
Irish banks are on the rocks, badly damaged by the wave of losses on commercial and speculative property lending. What is now evident is that a second wave of losses is heading towards them. While this is likely to be lesser in magnitude than the first wave, the system is so compromised that it is much less able to take a blow.
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