Minister of State for European Affairs Lucinda Creighton obtained reaffirmation of French support for direct and retroactive EU recapitalisation of banks.
Ireland hopes the European Stability Mechanism will help to recapitalise AIB and Bank of Ireland. “It’s important that EU heads of state and government are seen to – and in fact do – implement the [year-old] agreement to break the link between sovereign debt and bank debt”, Ms Creighton said. “We are very anxious that there will be direct recapitalisation . . . that the option be left open.”
Eurozone leaders have decided that retroactive recapitalisation must be by unanimous decision, and on a case-by-case basis. “That argument suits us very well”, she said. “We have said for a long time that Ireland is a unique and special case.”
In the last week of the Irish presidency, three important issues are still pending: the common agricultural policy; banking union; and the next multiannual framework or seven-year budget for the EU. “It’s inevitable that when you come to the end of a very short, six-month presidency, a lot of issues will go to the wire”, Ms Creighton said.
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