Irish minister shares Moody’s view of weak bank growth

DUBLIN (BestGrowthStock) – A senior Irish finance ministry official said he agreed with Moody’s that banking and real estate sectors were not going to add to economic growth, responding to Moody’s reasons to cut Ireland’s rating.

“It’s really not telling us anything that we don’t know already. We all know that banking and real estate are not going to be sources of growth,” said Martin Mansergh, minister of state for finance.

“But there has been a sharp improvement in our competitiveness,” added Mansergh, a junior minister reporting to Finance Minister Brian Lenihan. He did not otherwise comment on the Moody’s rating downgrade.

(Reporting by Padraic Halpin; editing by Andras Gergely)

Irish minister shares Moody’s view of weak bank growth