Saturday 24 June 2017

Taking the ECB to court would be risky business

The ECB imposed €2.3bn bill on taxpayers. Will the next government take a legal challenge to get it back, asks Dan O'Brien

Pat Rabbitte. Photo: Tom Burke
Pat Rabbitte. Photo: Tom Burke
Dan O'Brien

Dan O'Brien

The next government should consider taking the European Central Bank (ECB) to court over its role in Ireland's banking crisis. So urged Pat Rabbitte in his valedictory speech to the Dail on Thursday.

The call came a day after the Banking Inquiry report was published. With what has been learnt over the past week, how strong is the case for legal action and is it likely to happen?

The Banking Inquiry implicitly concluded that the denials of Jean-Claude Trichet, the president of the ECB during the depths of the crisis, about forcing two Irish administrations to repay private banking debts were not credible.

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