From the Irish Times last week:
"The largest 10 borrowers, who account for €16 billion of the €77 billion total face-value loans...The top 100 borrowers account for loans with a face value of €38 billion... The top 300 have loans with a face value of €50 billion."
That means the Top 10 each borrowed on average €1.6 Billion. The next 90 each borrowed on average €244 Million. And the next 200 each borrowed on average €60 Million.
So guys walked into the bank, said they have borrowings of €50 million ask to borrow another €10 and the bank says OK. All backed by only go up property. Sounds perfectly reasonable to me. Certainly not reckless.
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