ECB Ready To Work With Irish Government

12 April 2012 16:00 - Crage Campbell

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ECB Ready To Work With Irish Government

European Central Bank’s executive board member Joerg Asmussen has said that the ECB is ready to work with the Government on any proposals to reorganise and improve the Irish banking system. Speaking at the Institute of International and European Affairs in Dublin he said Ireland’s bailout program is on track and it must not undermine the confidence it has gained in financial markets by the planned restructuring of E30 billion in promissory notes.

Mr Asmussen said household and mortgage debt is a serious problem for Irish banks. He said, “Irish banks are well capitalised but despite the progress that has been made there is some way to go to have a sound, stable and sustainable banking sector.” Mr Asmussen reiterated the ECB’s view that Ireland must continue to repay its debts.

Mr Asmussen said a necessary step for Ireland to emerge from the crisis will be to ensure the long term viability of the banking system as a pillar of the Irish economy. “Doing so will further enhance confidence in the system and limit the burden the banking system places on the taxpayer.”

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