Draghi: No decision made on precautionary second bailout for Ireland

The President of the European Central Bank Mario Draghi has said no decision has been made on setting up a precautionary second bailout for Ireland.

Mr Draghi said it was up to the Eurozone's finance ministers to decide if such a facility needs to be set up.

It is one of the options being considered to ensure Ireland is able to borrow from the bond markets when the current bailout ends.

Mr Draghi said the key to making sure Ireland gets out of the bailout is to continue making tough economic decisions.

He said: "On a possible successor programme, a decision will be taken in due time.

"A key consideration is that conditions remain for a successful conclusion of the current programme.

"That's up to the euro to decide."