The €22bn of taxpayers’ money flushed down the Anglo Irish Bank toilet may not be the end of the loo roll required for the clean-up, the bank’s chief executive Mike Aynsley has admitted.
According to The Sunday Independent, the €22bn figure is predicated on the notion that valuations in the commercial property market have bottomed out. Of course, it is far from clear rock bottom has been reached and many commentators believe there is still a signification way to go.
If a separate story in that newspaper’s business section is any indication, there is little sign of any upturn. It details how key money in Grafton St is currently zero – a far cry from the wads of cash changing hands at the height of the boom for the ‘privilege’ of renting in an upscale location.