Dáil backs €7bn Irish EU rescue ‘bill’

THE Dáil has passed legislation that could see Ireland contribute over €7 billion to a European rescue fund if another member state gets into financial trouble.

Ireland is already providing roughly €1.5bn to the €110bn joint EU-IMF bailout of Greece.

The EU recognised after Greece that instead of developing individual bailout packages each time a member state got into trouble, it needed a more comprehensive plan.