ECB's Trichet letter to Lenihan did not force Ireland into bailout - Draghi
The so called Trichet letter sent from the European Central Bank (ECB) to the late Brian Lenihan did not force Ireland into a bailout, Mario Draghi has claimed.
Several factors, not the Trichet letter, triggered the request for assistance by Ireland in 2010, current ECB president Mario Draghi claimed.
He said that by November 2010 the situation in Ireland had deteriorated rapidly and the ECB’s Governing Council had a duty to address that issue.
A quarter of all liquidity provided by the ECB to Euro area banks at that stage was to lenders here, he said.
He was responding to a question from Fine Gael’s Brian Hayes at the European Parliament’s Economic and Finance Committee.