Monday 11 December 2017

Revealed: full extent of Lenihan's capitulation to Trichet and Europe

Daniel McConnell

Daniel McConnell

The ECB's hawkish boss laid down the law to a broken and hapless Finance Minister, writes Daniel McConnell

ON December 9, 2010, two days after he had delivered his final-ever Budget, Brian Lenihan was at a low ebb. As the snow fell heavily outside his Merrion Street office window and people outside slipped on the icy pavements, Lenihan, isolated, defeated and in failing health, sat in his office and formally committed Ireland to the penal terms of the bank rescue. It had been ordered by the ECB but the Irish taxpayer would pay for it.

While the overriding narrative that the innocent citizens were screwed into bailing out our toxic banks has long been rehearsed since those dark days of November 2010, for the first time today we reveal how pathetic Lenihan's capitulation really was.

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