Refusal by ECB was ‘one-sided extortion’

The refusal of the European Central Bank (ECB) to allow the burning of bondholders in 2010 amounted to “a one-sided extortion” of the Irish Government, a so-called minority report by a leading member of the Banking Inquiry has found.

The ECB abused its role to place “unduly stringent demands on Irish taxpayers” by refusing to allow the burning of bondholders, the report from Independent Senator Sean Barrett concluded.

Mr Barrett and his research team, have produced a report which has been seen by the Irish Examiner, and emerges 24 hours before the inquiry’s official report is released.