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Another nail in Irish debt hopes coffin

Friday, January 17 12:26:15

Finance Minister, Michael Noonand and Klaus Regling, head of the European Stability Mechanism met today with a joint statement giving no indication that Mr Regling has changed him mind in relation to helping Ireland with legacy debts.

Mr Nonan described the talks as "very constructive" but the joint statement contained nothing new.

It said: Ireland has undergone a major transformation in recent years and is now well positioned to grow and create jobs in the years ahead. Having been frozen out of the markets in 2010, the commitment of the Irish people and the support of funding from the IMF and the EU including the EFSF (the predecessor to the ESM) enabled Ireland to make the necessary fiscal adjustment over a phased period and to make a full return to the financial markets. The success of the Irish programme is evident and Ireland is now viewed as a safe place to invest. The market reaction to Ireland's exit strategy and in particular the very strong investor appetite for last week's 2024 Bond highlights the positive sentiment towards Ireland in the financial markets."

Earlier this week, Mr Regling reiterated his belief that there is no political consensus within the euro group to grant retroactive direct bank recapitalisation to Ireland.

Addressing the economic and monetary affairs committee in Strasbourg, Mr Regling said that while there was agreement to look at retroactive direct recapitalisation on a case-by-case basis, there was "no consensus to do this retroactively".

"I don't see that consensus to be there," he said in response to a question by Irish MEP Emer Costello, noting that under the ESM treaty a decision required unanimity from member states.