State seeks ECB funding commitment

The government is expected to seek a commitment from the European Central Bank (ECB) to underpin the funding position of the Irish banking system as part of crunch negotiations in the next few weeks.

12th March, 2011

The government is expected to seek a commitment from the European Central Bank (ECB) to underpin the funding position of the Irish banking system as part of crunch negotiations in the next few weeks.

The ECB has been pushing Ireland to downsize the banking system to reduce its reliance on funding from the ECB and the Central Bank of Ireland.

However, the new government will argue that this cannot be done quickly and that the...

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