Government ‘unlikely’ to recoup €30bn bailout

The Government is unlikely to secure a recapitalisation through the European Stability Mechanism (ESM) either for legacy assets or if the banks fail the stress tests next year.

Over the weekend, Michael Noonan, the finance minister, said in an interview with RTÉ that he had started preparations to recoup some of money pumped into the pillar banks via the ESM.

“I would like to have the main ask designed on the Irish side in the autumn and my conversations with the principals of the so-called troika that oversees eurozone bailouts well under way,” Mr Noonan said on RTÉ television.