The day of Irish Car Bombs are over for Irish Banks- St. Patrick better come to the rescue

· Irish banks face a ~EU25B repayment bill in the coming month as state guarantees expire; there is also market expectations that Spanish banks will be large issuers in the coming month; European bond markets will reopen this week after been closed for the summer vacation season (FT)   

· Irish banks won’t be left out in the cold; the two year old sweeping guarantee will be replaced by a more narrow one that will cover borrowings of 1-5 years. Bankers are already reporting buying interest for any new gov’t-backed Irish bank bonds b/c of the higher returns they will have to offer.  FT  

· Irish Banks – haven’t been able to access the debt markets for several months, but Bank of Ireland looks set to test the waters first and is expected to announce a bond issue of EU1B next month (FT) 

· Irish Banks – Anglo Irish on Tues said it has received an extra EU8.5B from the government and that more capital will be required; the co will seek to wind down at least 80% of its business over 10 yrs.  The co reported a EU8.2B pre-tax loss for H1.  DJ