Politics

ECB pushed Ireland into bailout, Eamon Ryan says

Green Party leader: Jean Claude Trichet was disappointing at Oireachtas banking inquiry

Eamon Ryan said the ECB used a media campaign to push Ireland into accepting a bailout deal.
Eamon Ryan said the ECB used a media campaign to push Ireland into accepting a bailout deal.
Sarah Bardon
Mon May 04 2015 - 15:19

Green Party leader Eamon Ryan has insisted the European Central Bank pushed Ireland into a bailout programme.

Mr Ryan said evidence from the former President Jean Claude Trichet at the banking inquiry this week was “disappointing”.

He said a number of the things he said were true but there were “key issues” that he would differ with Mr Trichet on.

Mr Ryan, who was a member of cabinet in 2008, said: “The ECB had a very strong role in saying we shouldn’t be burning bondholders and so on.

READ MORE

“They did push us into a deal and it was done through the media and not through direct communication with the government.”

The former ECB president told the committee the bank does not direct governments but offers advice.

He told the inquiry he did not tell former minister for finance Brian Lenihan to save the banks at all costs days before a blanket guarantee was introduced.

Mr Ryan said today the “absolute clear message” from the body was that you do not let banks go when you’re so close to the edge.

Mr Lenihan’s family are also taking issue with the evidence of Mr Trichet last week.