Noonan - bank recapitalisation unlikely until late next year

Noonan -  bank recapitalisation unlikely until late next year
Finance Minister Michael Noonan

Finance Minister Michael Noonan has ruled out any retrospective recapitalisation of our banks by Europe until well into next year.

An agreement was reached by EU leaders on the issue in June of last year - but so far has not been delivered.

Speaking this morning, Minister Noonan said nothing will progress on the issue until the Europe-wide stress tests on banks next year.

"It's a long process, obviously, and it's part of the process towards banking union," he said.

"Of course there are different opinions (some people) see a very limited role for direct capitalisation by ESM.

"But there are other countries that are very strongly in favour of it, and I think it will only come to a head when the capital requirements of the European banking system are identified with the stress testing next autumn."

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