Financials Unshackled | Weekly Briefing of 21st Dec 2025 (Irish Banking set for a shake-up? And Much More)
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Welcome to the Financials Unshackled Weekly Briefing of 21st December 2025 - your weekly pack for critique and curation of key banking developments over the last week. It’s the final note for 2025 and I’ll write to you in the early new year about an imminent recalibration of the Unshackled product suite - though if anything MAJOR breaks over the holiday season I’ll likely cover it. Wishing all readers a happy Christmas and a good start to 2026 when it comes.
✂️ What’s In This Note ✂️
It has been a relatively quiet period in a UK newsflow context so, for a change - and given M&A excitement, I zone in on the Irish banking system as the main story of the week this time.
In-Depth: Is Irish banking set for the start of a shake-up in 2026 owing to the PTSB sale process?
UK: FCA UK CEO comments on motor finance redress scheme / FCA consulting on mortgage market rules easing / New regulatory regime for cryptoassets / UK Finance & IMLA mortgage market forecasts / BARC PDMR share sales / FIL shareholding in CBG / MTRO receives confirmation it will be reclassified as a transfer firm / Monzo press / Nationwide NED changes / MFS shareholding in NWG / OSB receives confirmation it will be reclassified as a transfer firm / Revolut developments / Interview with CEO of Engine by Starling
Ireland: CBI Trends in SME and Large Enterprise Credit and Deposits for Q3 / CBI Mortgage Arrears & Repossessions Stats for Q3 / BPFI Housing Market Monitor / NTMA Investor Presentation and IDA Ireland FDI update / AIBG SRT & P2R / Principal shareholding in AIBG / MFS shareholding in BIRG / Bunq term deposit rates / Monzo secures Irish banking licence
Europe: ECB fast-track capital and securitisation approval process but issues cautionary note on SRTs / Jerome Legras at Axiom on EB recommendations (AT1 in focus) / Digital euro / AI initiatives in European banks / EBA Q3 Risk Dashboard / SRB approach to simplification
Global: FSB report on NBFIs & Morningstar DBRS outlook / Crypto’s threat to banks / PayPal applies for a bank charter
🔎 The Critique 🔎
🇮🇪 Is Irish banking set for the start of a shake-up in 2026?
What Happened?: A few more points of note in the context of the PTSB sale process following my detailed note of 14th December (which you can access here if you missed it) to flag:
Goodbody (AIBG-owned) published a note on Monday 15th December, reiterating its 423c price target and noting that it expects to see significant interest in a potential acquisition of PTSB amongst the PE community.
Sretaw PE (>7% shareholder) acquired a further 250k shares on Monday 15th December according to this RNS. This follows Hunters Moon Capital increasing its economic interest in PTSB the previous week according to this RNS.
The Business Post reports this weekend here on Autonomous research on Bawag, which estimates that an acquisition of PTSB at a price of €1.7bn (i.e., c.306c per share - which is above the current share price of 290c but well below my calculation of the State’s ‘break-even’ price of 391c and far below Goodbody’s 423c price target assuming a sale) would deliver Bawag a return on investment of 25.5% by FY28, which could be amplified to the extent that PTSB’s excess capital build can be extracted.
Unshackled Perspectives on the ‘news’:
None of this is in fact particularly noteworthy ‘news’. But there is a sale process and interested parties are often highly sensitive to every ‘development’.
Firstly, I concur with Goodbody’s assessment that there will be ample interest amongst PE firms. Indeed, I noted as much in the above linked Analytical Briefings note on Sunday afternoon last week: “I think there will be adequate interest, including private equity. I am less sure in the context of bank buyers only. If it’s the case that there is only one firm bid from a bank and a few firm bids from PE (for example), then that wouldn’t be ideal from a selling shareholders’ perspective.”.
While the Business Post recently reported that Eamon Waters, Founder of Sretaw said: “We are long-term investors in PTSB…We are very open to stay invested with the new owners if that is something they wish.” it would, in my view, be wise not to over-analyse what Sretaw’s intentions actually are. To state the obvious, there is typically frequent trading in and out of stock during a process like this and at the end of the day Sretaw presumably just wants as big a return on its investment as it can generate.
Finally, the estimates that Autonomous has reportedly published in the context of a Bawag acquisition of PTSB are not at all surprising based on my own independent consideration of the first order potential efficiencies (e.g., operating costs takeout, funding cost synergies, capital efficiency actions, excess capital extraction, IFRS 9 provision writebacks, intangibles amortisation costs amelioration) that Bawag (or another bank) could generate. Indeed, my own preliminary estimates are that Bawag would likely generate a materially higher return on investment than 25.5% at that price of €1.7bn and I will publish in some detail on this and more in early 2026. But it’s extremely unlikely, in my view, that analysts and media commentators would see that as an adequate price for the Exchequer - indeed, Goodbody’s price target is almost 40% higher and questions would surely be asked.
So, is the beginning of a shake-up of Irish banking landscape nigh?
What’s more interesting in my view is what will an acquisition of PTSB (assuming it sells) will mean for the large incumbents, AIB Group (AIBG) and Bank of Ireland Group (BIRG)? Here are some high-level things to think about in this respect and I’ll write in more detail on all of this in the new year:
The incumbents are likely most nervous about a potential bank buyer (however, see the final two bullet points below). Bawag, in particular, has a hard-won reputation for share build and ruthless efficiency - with a clear growth focus, RoTE through all cycles of >20%, and a CIR of just 33% (and determined to drive this down further) as its Investor Day deck (from 4th March) notes here.
I referenced first order potential efficiencies (e.g., operating costs takeout, funding cost synergies, capital efficiency actions, excess capital extraction, IFRS 9 provision writebacks, intangibles amortisation costs amelioration) that Bawag (or another bank) could generate above. Some of these ‘synergies’ would be available to non-bank acquirers too. However, a further key question is whether an acquirer would invest heavily in PTSB’s operating architecture and AI capabilities - leveraging its own pre-existing capabilities in the case of a bank buyer - to drive, via a lower cost to serve and a superior customer proposition, competitive advantage in a returns capability context over time. AIBG and BIRG appear far behind the curve in my assessment relative to the large UK banks in a systems capability and an AI investment context, for example - in spite of what buzzwords you might hear from executives. Put simply, a potential new owner of PTSB will likely be thinking carefully about how it can drive market share gain at the expense of the incumbents (starting with deposits, most likely). Indeed, comments like this from Bawag’s FY24 Annual Report are instructive: “We are convinced that despite the tailwind from rising interest rates, banks must continue to transform their business models and cost structure to be much simpler and more efficient. We embarked on this transformation over a decade ago and are well positioned for the years ahead.”.
A key question in terms of whether a new owner can leverage technology investment to eke out competitive advantage in time will be where do PTSB’s risk weights end up following the Central Bank of Ireland’s ongoing review, i.e., will the bank be on a level playing field with its peers? So much rests on this.
A new acquirer would also be likely to strategically evolve the business activities of PTSB. Potential initiatives would be to: i) develop out non-interest revenue streams (e.g., insurance, wealth management, asset management); and ii) allocate capital to lending to underserved segments of the Irish economy (e.g., residential development finance, SMEs, specialist mortgages) given the large incumbents’ exceptionally low risk tolerance. Irish bank executives appear to use the word ‘conservative’ as if it were a badge of honour (though there is an irony here in that this stated ‘conservatism’ does not seem to apply to all capital allocation decisions) but it could potentially drive structural disadvantage in the longer-term up against a superior strategist.
Pausing for breath, it is important to be clear that these are likely longer-term risks to the incumbents rather than near or medium-term risks. I suspect that a PTSB sale transaction is unlikely to complete before around mid-year 2026 and the execution of any new strategy is typically a multi-year process. Thinking even further out, if, for example, a PE owner achieved a significant turnaround at PTSB the bank could potentially look a lot more attractive in 3-5 years time to deep-pocketed European majors who might not be inclined to take a look today - especially if that elusive cross-border bank consolidation were to materialise (though I wouldn’t hold my breath in that context!). The incumbents should be aware of that risk in time too.
I have commented before that the scope for synergies is less in the case of a PE bid (relative to a bank buyer). While that is true, buyers don’t tend to like to pay for their synergies (though there are some obvious ones that the Board is surely expecting to achieve value for - otherwise it would surely have waited a bit before launching a sale process…) - getting the right price is all down to competitive tension in a process.
Extending this last point further - and this is my final comment for now - I noted last week that “I think, were Harris [the Finance Minister] faced with the alternative of abandoning the process or selling to PE, he would struggle to choose anything other than the latter” - Harris has a ‘get out of jail card’ here (‘what choice did I have?’) in my view. Ultimately, I think PTSB will sell as there will be sufficient PE interest even in the absence of a bank bidder(s). And I also wouldn’t discount what a smart crop of PE merchants could do with PTSB in a competitiveness context - the incumbents will have seen what Cerberus and GoldenTree achieved with Bawag, by way of an example, and will be aware that a change in PTSB’s ownership is unlikely to be a good thing for AIBG and BIRG in the longer-term no matter who acquires it.
📌 The Curation 📌
🇬🇧 UK Unfiltered - My Top Picks 🇬🇧
1️⃣ Sector Snippets:
The FCA CEO Nikhil Rathi was questioned on the motor finance redress scheme parameters at a Treasury Committee hearing on Tuesday 16th December (transcript here) and the following comments are worth noting, which indicate an openness to altering the proposed terms of the scheme: “We have had a very wide range of responses, over 1,000, to our consultation, which closed last week, including from over 800 individual consumers responding with their views, which we welcome…we see a range of views, and we are open to considering that range of views. Where there is good, strong evidence that might persuade us to adjust what we have proposed so that we get to a fair, proportionate scheme, we will consider that evidence.”.
The FCA announced on Monday 15th December that it will start to consult on a planned easing of rules across four areas of the mortgage market from early 2026, i.e.: i) first-time buyers and underserved consumers; ii) later life lending; iii) innovation and disclosure; and iv) protection of vulnerable customers (see press release here, FS25/6 here, and a useful FT article here). This follows pressure from the Treasury for further measures to stimulate economic growth. Indeed, FCA CEO Nikhil Rathi commented as follows at a Treasury Committee hearing on Tuesday (transcript here): “I hope that you can see that we are really moving as fast as we can, whether that is on mortgages or wholesale market reforms. What we have seen in the debate on our political economy has been a lot of focus on what our regulators should do, and I understand that. We are seeking to lead and lean in.” - and he also remarked that “It would be great if legislation could go faster…”.
The UK Government published details of a new regulatory regime for cryptoassets in a Policy Paper on Tuesday 16th December here (see press release here and draft Statutory Instrument here too). The FCA separately - on the same date - published three consultation papers (which you can access here) seeking feedback on proposals for UK crypto rules along with a research note here. Good FT piece here if you just want a quick briefing.
UK Finance published its mortgage market forecasts for 2026 on Monday 15th December here. It expects a 4% rise in gross lending to £300bn - with a slower pace of growth in lending for house purchases (it estimates +2% y/y to £180bn) offset by further strong growth in external remortgaging particularly (+10% y/y to £77bn). The Intermediary Mortgage Lenders Association (IMLA) also published its forecasts for 2026 and 2027 here - noting that it expects gross mortgage lending to reach £320bn in 2026 and £350bn in 2027.
2️⃣ Company Snippets:
Barclays (BARC) issued a RNS on Tuesday 16th December noting that Taylor Wright (Global Co-Head of Investment Banking) disposed of 23,392 shares in BARC at a price of 447.8p per share on Friday 12th December (through a nominee account), netting him gross proceeds of just over £100k. Wright has been actively selling shares in the lender in recent months.
Close Brothers Group (CBG) published a RNS on Monday 15th December noting that FIL’s shareholding in CBG increased to 10.02% (previously disclosed shareholding: 5.12%) following a transaction on Friday 12th December.
Metro Bank (MTRO) issued a RNS on Friday 19th December here noting that it has received formal confirmation from the BoE that it will be reclassified as a transfer firm under the MREL regime with effect from 1st January 2026. This is not unexpected.
Monzo featured heavily in the press this week. The FT reported here on Tuesday that TS Anil was pushed out as CEO due to concerns amongst Board members in relation to the pace of its international expansion and his ambitions to pursue a stock market listing in the not-too-distant future as well as question marks in relation to his long-term commitment to remaining as CEO. A further piece in the FT on Wednesday here reported that top shareholders in Monzo have called for TS Anil to be reinstated as Group CEO and for its Chair Gary Hoffman to be removed. The Sunday Times reports this weekend here that Monzo is open to discussions about one of its investors joining its Board. I wrote in a Business Post article of 16th June last here that Monzo appears to me to be pursuing aggressive growth across multiple markets simultaneously, rather than proving out its model in one. It seems to be just firing for growth everywhere - leading some to wonder is there a strategy at all (and I would now add that this ‘some’ may include certain Board members). Finally, in separate Monzo-related news, it was interesting to note that it has announced plans to acquire the digital mortgage broker Habito, which will enable it to offer a fully end-to-end mortgage broking experience within the app. Also see separate story on Monzo securing an Irish banking licence below.
Nationwide Building Society announced the appointment of Guy Bainbridge (former Senior Partner at KPMG UK, where he was the firm’s most senior banking audit Partner) as a NED of Nationwide, Virgin Money and Clydesdale Bank Boards with effect from 1st February 2026. Nationwide also announced that Anand Aithal, NED of Nationwide, Virgin Money and Clydesdale Bank, has decided to step down from his Board responsibilities on 31st December 2025
NatWest Group (NWG) published a RNS on Monday 15th December noting that MFS’s shareholding in NWG reduced to 4.94% (previously disclosed shareholding: 5.17%) following a transaction on Thursday 11th December.
OSB Group (OSB) issued a RNS on Friday 19th December here noting that it has received formal confirmation from the BoE that it will be reclassified as a transfer firm under the MREL regime with effect from 1st January 2026. This is not unexpected.
Two news items to flag on Revolut this week: i) Bloomberg reported here on Tuesday that the firm is launching a UK mobile phone service, Revolut Mobile - piggybacking off Vodafone’s network in a MVNO capacity; and ii) the FT reported earlier today here that Revolut has clashed with former staff over unexpected large tax bills from selling shares in the company.
Interview with Sam Everington, CEO of Engine by Starling in CityAM on Tuesday 16th December here. Everington discusses Engine’s hiring spree and the opportunities that lie ahead for the business. For context, it is worth remembering that Engine delivered £8.7m of revenues in the last financial year.
🇮🇪 Ireland Unvarnished - My Top Picks 🇮🇪
1️⃣ Sector Snippets:
The Central Bank of Ireland (CBI) published ‘Trends in SME and Large Enterprise Credit and Deposits’ for Q3 2025 on Monday 15th December here. The most striking feature of the release was that the outstanding stock of SME credit on banks’ balance sheets stood at just €16.6bn at end-3Q (down from €17.0bn at end-2Q), the lowest outstanding amount since the series began in 2015. While the recent reduction in net lending to SMEs is likely related to fears in relation to the economic outlook as well as rising costs, more broadly, one important reason (amongst other reasons) for subdued credit demand is the risk aversion of the mainstream lenders as the latest report from the Credit Review of 18th June 2025 discusses here.
The Central Bank of Ireland (CBI) published ‘Residential Mortgage Arrears & Repossession Statistics’ for Q3 2025 on Wednesday 17th December here. The number of permanent dwelling home (PDH) or owner occupier (OO) accounts in arrears >90 days was just 3.4% of all PDH/OO accounts, the lowest proportion since 4Q 2009 (notably, just 37% of PDH accounts in arrears are held by banks following intensive NPE remediation efforts since the GFC) - trending favourably on both a q/q and a y/y basis. Indeed, the number of accounts in early arrears was -6.4% q/q and -22% y/y. 10% of outstanding BTL accounts (total outstanding BTL debt is just €7.0bn) were in arrears of >90 days at the end of September, trending downwards on a y/y basis though up slightly q/q. Nothing greatly surprising in any of this given the strong macro, low unemployment, and much-tightened risk management at an individual bank level - and it all bodes well for bank mortgage books’ asset quality.
Banking & Payments Federation Ireland (BPFI) published its ‘Housing Market Monitor’ for Q3 2025 on Friday 19th December - press release here and report here. The report finds that, while housing completions showed modest growth in the 12 months to end-September, commencement activity remains subdued. This is a key challenge for policymakers to address and we need to see a pick-up if the banks are to sustain current growth levels in mortgage lending.
I always enjoy reading the NTMA’s regular Investor Presentations - and the latest one was published on Friday 19th December here. It’s a useful brief on the current state of the Irish economy. On a separate note it’s worth flagging that IDA Ireland, the state agency responsible for driving foreign direct investment (FDI) into Ireland announced on Thursday 18th December here that a record number of investments were approved in 2025, representing a 38% increase y/y. This is very reassuring in the context of Irish macro resilience given the nervousness around the potential implications of the US tariff regime, etc.
2️⃣ Company Snippets:
AIB Group (AIBG) announced on Thursday 18th December the completion of a SRT on a residential mortgage portfolio of c.€2bn. The transaction will deliver an initial c.25bps of CET1 capital ratio accretion owing to a reduction in RWAs of c.€800m. The RNS notes that AIBG’s pro forma CET1 capital ratio at 30th September is 16.15% after accounting for the warrants and this SRT deal. Adding in the 9 months of in-year organic capital generation of 250bps takes this to 18.65%. AIBG is literally swimming in capital - which positions it well for a substantial shareholder distribution in early FY26. However, concerns continue to prevail in relation to capital hoarding and why AIBG’s target CET1 ratio is >14% at end-FY26. On the SRT deal, it was signposted (as was the expected capital impact) and there are more in the pipeline according to management’s previous comments. It makes particular sense to complete SRT deals on high risk-weighted portfolios like this one. Finally, it is worth noting that AIBG also noted in the RNS that its P2R remains unchanged at 2.40% for 2026.
AIB Group (AIBG) published a RNS on Monday 15th December noting that Principal Global’s shareholding in AIBG reduced to 4.99% (previously disclosed shareholding: 5.01%) following a transaction on Thursday 11th December.
Bank of Ireland Group (BIRG) published a RNS on Tuesday 16th December noting that MFS’s shareholding in BIRG reduced to 7.76% (previously disclosed shareholding: 8.05%) following a transaction on Friday 12th December.
The Business Post covered (here) Bunq’s launch of a new suite of term deposit products for Irish customers with rates of up to 2.1% available, which exceed the rates offered by the domestic listed banks.
Monzo announced on Wednesday 17th December that it has secured an Irish banking licence. The bank has previously noted that Ireland is a beachhead for a broader EU-wide expansion effort. The fact that Monzo attained approval from the Central Bank of Ireland (CBI) - which is known as a stringent regulator - provides valuable validation for its risk and controls framework and its regulatory compliance standards in my view. Indeed, Donal MacNamee at the Business Post posited here on 9th October 2024 that Monzo’s decision to base its EU hub in Ireland may have been for this very reason. For what it’s worth, as I have written countless times, I do not expect that Monzo will provide meaningful competition for the Irish banks on a short to medium-term view. However, in the longer-term one would be wise not to discount the potential disruptive capability of the likes of Monzo and Revolut (note that I have purposefully not included Starling in this comment as it seemingly seeks to be staking its future on Engine as well as its lack of traction in banking more broadly) - while Monzo does not currently enjoy anything close to the level of penetration Revolut has developed in overseas markets, the fact that it has secured a banking licence from two premier regulators does differentiate it.
🇪🇺 Europe Unbound - My Top Picks 🇪🇺
1️⃣ A few snippets this week:
The ECB published a press release on Friday 19th December here outlining how it will assess standardised capital and securitisation operations from January 2026 - with a fast-track process applying (subject to certain highly specific criteria) which will see the approval time reduced to two weeks from three months in order to allow supervisors focus on more complex assessments. Of most interest was the ECB’s warning shot to the sector that “banks do not overly rely on capital benefits from significant risk transfer securitisations” - going on to note: “To ensure that the SRT process does not lead to undue risk-taking and a weakening of resilience, it will be accompanied by increased scrutiny of micro- and macroprudential risks. In case the use of securitisation raises prudential concerns, the ECB will take adequate measures. More specifically, supervision will focus on complex cases and on bank-level assessments of securitisations activities. The ECB will continue to assess the adequacy of banks’ internal governance, risk management and capital management frameworks, including stress testing, to prevent them from overly relying on the capital benefits generated by SRT securitisations and from elevated rollover risk created by large-scale use of synthetic securitisations.”. Also note that Claudia Buch and Sharon Donnery of the ECB also penned a blog earlier in the week here in how European banking supervisors are seeking to reduce undue complexities by increasing efficiency, effectiveness and risk focus.
Well worth reading a piece penned by Jerome Legras (Managing Partner and Head of Research at Axiom) in the FT here on the ECB’s recommendations to simplify bank capital, regulation and supervision. Legras discusses, amongst other things, how the European bank AT1 landscape could evolve noting that any changes that are effected on the back of the recommendations are likely to be a long time away.
Pierre Cipollone, Member of the ECB’s Executive Board, spoke on Friday on the future of money (transcript here). He reiterates previous remarks to the effect that the digital euro does not present a threat to banks: “The digital euro is also being designed to preserve the role of banks in financing the economy. Banks will distribute the digital euro, maintain customer relationships and manage digital euro accounts or wallets. They will be remunerated for these services. Moreover, we have included safeguards to preserve banks’ role in credit intermediation and monetary transmission: the digital euro will not bear interest, holding limits will prevent destabilising outflows and links to existing bank accounts will allow consumers to seamlessly pay amounts that exceed their digital euro holdings.”.
Reuters reports here on how cost savings from AI initiatives are expected to be a significant factor that supports rising European bank share prices in 2026. The article references comments from Helen Jewell, CO for Fundamental Equities at BlackRock as well as UBS analysts. Separately, S&P Global reported this week here on how “European banks are starting to see tangible results from the deployment of AI across their organizations as the technology moves from pilot programs stage to day-to-day use”. It’s also worth reading The Financial Brand here for banking futurist Brett King’s perspectives on the criticality of investment in agentic AI. Finally, I also recommend tuning in to a FinTech Futures podcast here which features an interview with Natasha Sarin, Lead Product Owner, Data and AI at Lloyds Banking Group (LLOY).
The European Banking Authority (EBA) published its Q3 2025 Risk Dashboard here on Wednesday 17th December - which shows that asset quality, solvency, liquidity and profitability in the banking sector of the EU/EEA remain stable, even amid heightened macroeconomic and geopolitical risks.
The Single Resolution Board (SRB) published its approach to simplification here on Thursday 18th December.
🌎 Global Unpacked - My Top Picks 🌎
1️⃣ A few snippets this week:
The Financial Stability Board’s (FSB) Global Monitoring Report on Nonbank Financial Intermediation (published this week here) finds that NBFI assets grew by 9.4% in 2024, twice the pace of banking sector asset growth - and that NBFI assets comprised 51.0% of total global financial assets at the end of 2024. The case study in this year’s report on bank-NBFI interconnectedness, which is well worth a read (see section 2.5 on p.24), highlights three main forms of linkages: (i) funding and deposit relationships, where non-banks place deposits with banks; (ii) lending, repo and other credit exposures from banks to non-banks; and (iii) holdings of bank-issued securities by investment funds, insurers and pension funds. As I recently commented on this excellent FT piece on how banks fuel the private credit boom (of 1st December): “The issue is disclosure and no one knows with any level of conviction the quantum of system-wide exposures and interdependencies (ie the complete leverage picture). I just cannot believe there won’t be a significant problem for heavily exposed lenders and PC funds before long. The allure of maximum leverage for maximum returns just runs too strong.”. Separately, Reuters reported on Tuesday here that credit rating agency Morningstar DBRS has reaffirmed its negative outlook for the private credit sector, noting that weakening profit margins will likely lead to further loan defaults in 2026. I wonder what the chaps over at Egan-Jones (good FT Alphaville piece here from last month) think!
Interesting Buttonwood piece in The Economist on Monday 15th December here which discusses crypto’s threat to traditional banks. The article rightly zones in on stablecoins in particular and sensibly notes that “offering “rewards” in the place of yields on stablecoins is a brazen side-stepping of the rules”. The wider point the article is making relates to US banks “sharp loss of political clout”. Patrick Jenkins of the FT is also worth reading here on how the ‘stablecoin supercycle’ could rewire banking.
PayPal announced on Monday 15th December here that it has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish PayPal Bank, a proposed Utah-chartered industrial loan company. CityAM reported on the development here and I was pleased to be quoted as follows: “The Trump administration’s deregulatory agenda and its openness to granting bank charters is beginning to make the US banking market more accessible and competitive”. Useful FT piece here too.
📆 The Calendar 📆
Look out for these in the weeks ahead:
🇪🇺 Fri 2nd Jan (09:00 BST): European Central Bank (ECB) Monetary developments in the euro area - Nov 2025
🇬🇧 Mon 5th Jan (09:30 BST): Bank of England (BoE) Money and Credit Statistics (including Effective Interest Rates) - Nov 2025
🇪🇺 Tue 6th Jan (09:00 BST): European Central Bank (ECB) Euro area bank interest rate statistics - Nov 2025
🇮🇪 Thu 8th Jan (11:00 BST): Central Bank of Ireland (CBI) Money and Banking Statistics - Nov 2025
🇮🇪 Fri 9th Jan (11:00 BST): Central Bank of Ireland (CBI) Monthly Card Payment Statistics - Nov 2025
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