Sunday February 23, 2020

Ministers feared ECB would vote to stop funding Irish banks

The Fianna Fáil-Green government feared that the ECB was on verge of pulling the plug on its support for Irish banks in the weeks before it applied for a bailout in late 2011.

1st September, 2012
Jean-Claude Trichet.

The Fianna Fáil-Green government feared that the ECB was on verge of pulling the plug on its support for the Irish banking sector in the crucial weeks before it applied for a bailout in November 2010.

Fears that the ECB would withdraw emergency liquidity assistance from Irish banks were heightened in the immediate run-up to the bailout by letters to the government from former ECB president Jean-Claude Trichet.

A two-thirds majority of the ECB...

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