Monday 18 December 2017

A loan is not the same as a bailout

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.

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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