Former IMF director: Ireland won't get funds to cover bank costs

A former IMF director has said Ireland probably will not get money from the Eurozone's bailout fund to cover the costs of its banks.

Donal O'Donovan told the MacGill Summer School that some European countries would not allow the ESM fund to be used to make up Ireland's costs.

He was speaking in a discussion on the future of Ireland's banking system.

The IMF veteran said the opposition of Germany and the Netherlands will be too difficult to overcome.