Top MEP backs Ireland’s bid for direct recapitalisation on bank debt

An influential member of the European Parliament has supported the Government’s efforts to get a direct recapitalisation on bank debt.

Economic and Monetary Affairs Committee chairperson Sharon Bowles said that as the EU economy picks up all possibilities of relief for Ireland should be explored, including the possibility of direct recapitalisation.

“I consider that some retrospective changes to make things fair should be taken. “Two issues should be kept in mind here. Firstly, the Irish taxpayer took on the extra debt for the benefit of the rest of the EU, and this has subsequently been shown to be the wrong call.