‘Missing’ bailout letter may be released by ECB

The ECB may release documents including a missing letter relating to Ireland’s bailout once the bank stress tests are finalised, according to a source.

The bank will also investigate whether it could purchase the €50bn worth of tracker mortgages from Irish banks as part of its asset-backed securities purchase scheme.

However, they could be considered as more risky and the ECB could require the State to guarantee them against default — and that may not be an option.