Thursday

2nd Feb 2023

ECB considered rescue aid for Ireland, says German paper

  • Government buildings in Dublin. The country's banking sector has been hit by the property-sector downturn (Photo: EUobserver)

The European Central Bank considered activating the eurozone's emergency rescue mechanism to provide Ireland with funds, according to a report in the German Handelsblatt newspaper on Monday (27 September).

Citing unidentified government officials, the German daily said several euro-area governments had already been told to raise money on Ireland's behalf in case the need arose.

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"In the end, the decision fell against the plan," the Handelsblatt said, without offering direct quotations.

The news runs contrary to the framework agreement for the bloc's €440 billion European Financial Stability Fund agreed in May, which says that member states must first make an application for aid before the ECB and the European Commission can make a decision.

It is also unclear from the Handelsblatt article when the ECB considered handing over the aid. The bank's press office refused to comment.

Dublin has suffered from rising bond yields in recent days due to ongoing concerns over the country's banking sector.

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