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There is no exposure of german banks to genuine irish banks. What happened is that Ireland was because of its no regulation and ultra low corporate taxes a welcome tax and regulatory haven for daughters of foreign banks. One was depfa, others were big SIVs of WEtsLB for example. The cost for these daughters is already borne by Germany. The exposure to genuine Irish banks, who ruined themselves in real estate, was always low and is after two years almost nonexistent.
This whole foreign banks would lose is just a xenophobic talking point to distract the Irish from the responsibility of their own banks and government.
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