The government is working on a plan to recoup some of the money it ploughed into failing lenders from the euro area’s backstop fund, finance minister Michael Noonan said.
Euro-zone finance ministers last month agreed on theoutlines of a plan for the €500 billion European Stability Mechanism to recapitalise lenders directly. Retroactive application of this tool, as would be the case if Ireland applies, will be decided on a case-by-case basis.
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