This seems to be the most sensible argument that's going on in Ireland at the moment and because of that I agree with it. But, in saying that, I'm suspicious of it for this very reason: It works. It's global. It understands what you don't...
I don't just mean that this in an arbitrarily imposed solution - although there is that - but this whole "re-organisation" which goes along with "re-capitalisation" is, as far as my rather limited perception reaches, completely chaotic. I see law students running around trying to understand basic economic precepts while having Smithean notions (in the bad sense of the term) lodged into their heads so that they're sure to recognise the omnipotence of "Say's Law".
This whole program of restoring the banks as some sort of functioning force seems dubious in Ireland. There's a certain amount of ideology people just won't get beyond until they're pushed by something which challenges them. And this seems, in my opinion, to drive them to pursue extremely self-destructive economic policies while in government..... and here's the big point: the more I look at certain players in the international scene the more I ask the question: is this really unique?