Decision on when to release bailout letter to be made next week

Decision on when to release bailout letter to be made next week
Seán Kelly

A Fine Gael MEP says a decision on when to release an infamous letter from the former head of the European Central Bank just before the Irish bailout four years ago will be made next week.

Seán Kelly says he has received assurances from the bank that the document will be released publicly.

The letter from Jean Claude Trichet to then Finance Minister Brian Lenihan was sent in November 2010 - just before Ireland entered the Troika bailout.

It has been suggested that the then ECB chief warned that if Ireland did not enter the bailout, emergency funds to our banks would be cut off.

Until now, the ECB has refused to release the letter, but appeared to climbdown and say it could be released after the stress tests on banks were completed. This happened at the weekend.

MEP Kelly says he now has an assurance from the ECB that the letter will be released and that the Governing council will decide when to release it at their next meeting which is next week on November 6.

The document is likely to be central to the Oireachtas Banking Inquiry though Finance Minister Michael Noonan told the Dáil earlier this year that people would be disappointed when they see it.

A movie depicting events surrounding the Irish banking bailout, 'The Guarantee', hits cinema screens this weekend.

It is being shown at 30 outlets across the country, and has been adapted from Colin Murphy's play 'Guaranteed'.

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