Irish banks are suddenly doing well. Having spent 15 years either losing money or not making enough to cover their cost of capital, this year the banks are well and truly in the black.  They’re doing well for the same reason they used to be doing badly: the level of interest rates in the economy. Between 2008 and 2022, interest rates were either low or negative. That was bad for banks because they make their money by lending money at the prevailing interest rate. Now, because of Covid and the ECB’s response to it, interest rates are high again. They’re…

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