Our Big 4 should not be capable of lending money unless they have this money in their vaults. 10% cash of the loans is simply not enough and exposes the taxpayer to massive debts if the economy goes pear shaped.
11 years post the GFC, Irish banks are slowly recovering from Government ownership at the cost of the taxpayer following the bursting of the Celtic Tiger bubble.
IMO, only the RBA should create money, not a bunch of private banking cowboys who, over the past two years, have been proven to be untrustworthy as evidenced by the Banking Royal Commission and subsequent events.
