European banks may need to raise another $78B over the next half-year to bring capital ratios in line with Basel II, JPMorgan says. Firm names Allied Irish Banks (AIB +2.3%) and Bank of Ireland (IRE +1%) as banks most in need of more capital, while noting HSBC (HBC -0.8%), UBS (UBS -0.9%) and Credit Suisse (CS -0.9%) have excess.
Irish banks blowing off some steam premarket following yesterday's surge after the government revealed more details about NAMA, the 'bad bank' that will remove toxic assets from banks' balance sheets. Government said it will pay €54B for loans currently worth €47B, based on their 'long-term value.' AIB -4.6% after gaining 26% yesterday. IRE -3.1% after yesterday's 16% gain.
Bank of Ireland (Governor & Co of) provides financial services in Ireland to all sectors of the Irish economy. These include checking and deposit services, overdrafts, term loans, mortgages, business and corporate lending, among others.