FSA says UK banks 'not worryingly' exposed to Ireland

FSA chairman Adair Turner says Britain's banks are not disturbingly exposed to Irish banks or Irish government bonds.

Reuters reports Turner told British lawmakers the exposure to Irish bonds was "not at all worrying in their scale". "Nor indeed is direct exposure of UK banks to Irish banks out of line with what you would expect," he adds. The two UK with the largest exposure to the Irish economy as two banks is understood to be RBS and HBOS. Turner's confidence comes as the European sovereign debt concerns continue to escalate, with Spain beginning to come into the firing line. The spread of Spanish 10-year government bonds over the equivalent German bund has widened to the highest level on re...