Merrill Lynch’s Irish Bank Rescue Estimate $65bn Short

Merrill Lynch’s estimation to the Irish government on the capital shortfalls within the banks in 2008 turned out to be a quarter of the eventual bill. The Irish government paid Merrill Lynch 7.3 million euros over the course of 2008 and 2009 for advice on bailing out the banks. Completely underestimated In an interview, Doherty, finance spokesman for Sinn Fein said: “Merrill Lynch completely underestimated the capital shortfalls within the banks, but the whole exercise was rushed after the guarantee. The role of external advisors, including bank auditors, really needs to be looked at as part of the banking inquiry”….