Taoiseach On Bank Recapitalisation

TAOISEACH ON BANK RECAPITALISATION

The Taoiseach has said European people like to see decisions followed through on, when it comes to the retroactive recapitalisation of the banks.

Speaking to Bloomberg at the World Economic Forum in Davos this morning, Enda Kenny said the European Council took a clear decision in June 2012 to break the link between sovereign and bank debt.

He said the European Stability Mechanism (ESM) held the possibility of direct recapitalisation of banks,and the government is continuing to work on securing that.

“That’s work that’s unfinished and we continue through the Ecofin meetings and European leader’s level to give affect to that decision” he said.

“People in Europe – no more than anywhere else – like to see decisions that are made actually carried through”.

“Ireland, because of it’s particular circumstances, was mentioned specifically in that decision – because there was a well-performing programme leading to bailout where we had a particular strategy and a plan” he added.

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