EU/IMF bailout could run into “tens of billions”
(18 November 2010 – Europe) Patrick Honohan, the head of Ireland’s central bank, has said that the nation could receive a "very substantial loan" running into the "tens of billions" of euros as part of an EU/IMF bailout.
The central bank’s boss said that it was his "expectation" that a "very substantial loan, worth tens of billions' could be made to prop up Ireland's crisis-hit economy following the arrival of a team of international financial experts.
Mr Honohan told the state broadcaster RTE Radio that while it was his expectation that is what would happen, it was not his call.
"It’s not my call. It’s the government at the end," Mr Honohan added.
Mr Honohan said that while he expected talks in Dublin to lead to a loan, he was not concerned about its effect on Ireland, where many fear a loss of sovereignty if a full bailout takes place.
'I think this is the way forward,' he said. 'I don't see it as something that is really worrisome or should lead to a huge change in direction.'
Ireland's leaders have still not committed to accepting an aid package, despite international pressure, because of concerns about how the attached conditions might affect domestic issues such as its policy on tax levels.
Mr Honohan told the state broadcaster RTE Radio that while it was his expectation that is what would happen, it was not his call.
"It’s not my call. It’s the government at the end," Mr Honohan added.
Mr Honohan said that while he expected talks in Dublin to lead to a loan, he was not concerned about its effect on Ireland, where many fear a loss of sovereignty if a full bailout takes place.
'I think this is the way forward,' he said. 'I don't see it as something that is really worrisome or should lead to a huge change in direction.'
Ireland's leaders have still not committed to accepting an aid package, despite international pressure, because of concerns about how the attached conditions might affect domestic issues such as its policy on tax levels.
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