FRANKFURT (MNI) – The European Central Bank Sunday welcomed
Ireland’s decision to seek aid from the EU and the IMF, and said an
Irish package was warranted because of the need to maintain financial
stability in Europe.
Ireland will enter formal talks for aid with the European
Commission and the IMF, in liaison with the ECB. The package that
results is widely expected to be somewhere between E80 billion and E100
billion.
Below is the verbatim text of the ECB:
“The Governing Council of the European Central Bank (ECB) welcomes
the request of the Irish Government for financial assistance from the
International Monetary Fund (IMF), the European Union and euro-area
Member States.
The ECB concurs with the Commission, Ecofin Ministers and the
Eurogroup that providing assistance to Ireland is warranted to safeguard
financial stability in the European Union and in the euro area.
The European Union and euro-area financial support, together with
the IMF financing, will be provided under strong policy conditionality,
on the basis of a programme negotiated with the Irish authorities by the
Commission and the IMF, in liaison with the ECB. We are confident that
this programme will contribute to ensuring the stability of the Irish
banking system and permit it to perform its role in the functioning of
the economy.”
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