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State-Backed Banks Face Major Shake-up
Source: Agencies |
November 23, 2010, Tuesday
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Print Edition
Print Edition
IRELAND'S banks will be pruned down, merged or sold as part of a massive EU-IMF bailout taking shape, the government said yesterday as a shell-shocked nation came to grips with its failure to protect and revive its banks under its own powers.
Finance Minister Brian Lenihan said Ireland's banks have become wholly dependent on loans from the European Central Bank and look likely to be frozen out of normal credit markets for at least a year. He stressed that Ireland has no plans to force senior bondholders of Ireland's five state-supported banks to absorb losses, as German Chancellor Angela Merkel says will eventually start to happen when new European Union crisis-management rules are enacted in 2013.
"We've always acknowledged as a sovereign state that we pay our senior debt," he said.
Lenihan reiterated that the loan won't exceed 100 billion euros (US$137 billion).
Finance Minister Brian Lenihan said Ireland's banks have become wholly dependent on loans from the European Central Bank and look likely to be frozen out of normal credit markets for at least a year. He stressed that Ireland has no plans to force senior bondholders of Ireland's five state-supported banks to absorb losses, as German Chancellor Angela Merkel says will eventually start to happen when new European Union crisis-management rules are enacted in 2013.
"We've always acknowledged as a sovereign state that we pay our senior debt," he said.
Lenihan reiterated that the loan won't exceed 100 billion euros (US$137 billion).
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