ECB ‘misses chance for transparency’

The refusal by the European Central Bank (ECB) to release a letter sent to the late Brian Lenihan in the run-up to the bailout in 2010 “wasted an opportunity for fairness and transparency”, according to the European Ombudsman, Emily O’Reilly.

In a statement issued yesterday she said she remained “unconvinced” by its explanation for “continuing to keep it secret” and said the time had come to put it out in the open.

The November 2010 letter from Jean Claude Trichet to the then finance minister, Mr Lenihan, was “sent at the height of the financial crisis and called on the Irish Government to take swift action to protect the stability of the Irish financial system”, a statement from the European Ombudsman’s office said yesterday.