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Moody's changes outlook on Irish banking system to positive

Moody's on Oct. 9 changed the outlook on the Irish banking system to positive from stable, driven by the agency's expectation that the country's asset quality will improve.

The agency noted that asset quality is likely to get better as the economy continues to grow and the banks restructure and dispose of problem loans.

Moody's expects the impact of the U.K.'s vote to leave the EU on the Irish banks to be contained, despite the uncertainties created because of its close trade links with Ireland.

The Irish banks have materially strengthened their solvency ratios, and profitability is likely to remain stable.

Also, the banks have maintained a sustainable funding profile in recent years.

Their liquidity position is solid, which according to the agency is enough to mitigate their asset refinancing risk.