Tuesday 16 January 2018

Michael Noonan: ‘Ireland is Europe’s ‘A’ Student

Donal O’Donovan

IRELAND is Europe’s “A” student, and has a strong case for help from the European bailout fund to support banks here, according to Finance Minister Michael Noonan.

The Minister made the comments at speech in London hosted by the Bloomberg news agency.

Minister Noonan said the bailout of Irish banks was done in part at the direction of the European Central Bank, in order to prevent the financial crisis spreading across the eurozone.

It is not yet possible to set out the details yet of how the European Stability Mechanism (ESM) will take over the cost of rescuing banks in future, the minister said.

However, Ireland has a “very strong case” for intervention from the ESM.

There is a “lot of goodwill” towards in Ireland in Europe, he said.

The deal to recast the €30bn bill for rescuing Anglo Irish Bank has been done, and the Government does not expect a challenge from any authority in Europe to the new arrangement, he said.

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