Draghi: ECB won’t take part in banking inquiry

The ECB pushed Ireland towards a bailout because it potentially threatened the entire euro system and the Irish authorities asked for it, ECB president Mario Draghi said.

At the time the bank had lent a quarter of its liquidity to keep the Irish banks going, and the sum equalled 85% of Ireland’s total GDP. The level of support given to the Irish banks “had been extraordinary”, he added.

But the ECB will not formally take part in Ireland’s banking inquiry, and will discuss playing some kind of informal role, he told members of the European Parliament.