Saturday 21 January 2017

A loan is not the same as a bailout

Published 17/04/2011 | 05:00

Sir -- Re Mark Lonergan's letter about Garret FitzGerald's pronouncements on the economy: the IR£100m bailout of the late Eighties he refers to grates with me because, to the best of my knowledge, it never happened.

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The Central Bank, as the lender of last resort, did lend AIB IR£100m at an agreed rate of interest which was based on the yield on Irish government stocks. This loan, with interest added, was repaid in full, as far as I remember, within 18 months or so.

John Keogh,

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