Banking Inquiry: ‘I didn’t breach trust amid bailout uncertainty’

Brian Cowen said he never breached the public’s trust when he was taoiseach, as he outlined to the banking inquiry how Ireland was pressurised into entering a bailout programme.

He said a letter from European Central Bank president Jean-Claude Trichet in November 2010 – which warned of withdrawing funding for the banks if Ireland did not enter a programme – was “a surprise”.

Ireland wanted to get its budget under control, he said, and there were slow signs of improvement. Mr Cowen said he couldn’t understand why the ECB sent the letter when the Irish government was in talks with European authorities.