Britain's banks are not "worryingly" exposed to Irish banks or Irish government bonds, Financial Services Authority chairman Adair Turner said today.
The exposure to Irish bonds was "not at all worrying in their scale," Turner told British lawmakers.
"Nor indeed is direct exposure of UK banks to Irish banks out of line with what you would expect."
Britain's main exposure was to the Irish economy as two banks, RBS and HBOS, have significant business in Ireland, he added.
City A.M. Reporter