Ministers believed the ECB was issuing threats

Ministers have discussed what they believed were threats by the European Central Bank (ECB) to withdraw support for Irish banks if the government forced senior bondholders to share the banks’ losses, The Sunday Business Post has learned.

16th April, 2011
Ministers believed the ECB was issuing threats
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Ministers have discussed what they believed were threats by the European Central Bank (ECB) to withdraw support for Irish banks if the government forced senior bondholders to share the banks’ losses, The Sunday Business Post has learned.

The discussions took place in advance of the decision to commit €24 billion to recapitalise the banks a fortnight ago, while the government was attempting to secure ECB agreement to impose losses on senior unguaranteed debt.

The...

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