Moves to allow eurozone rescue funds such as the European Stability Mechanism to recapitalise a member nation's banks directly are 'encouraging', but a big question mark remains over whether they will apply retrospectively to the likes of Ireland.
"I'm very encouraged by the moves in that direction. But they are slow moves and there is a big question mark over the degree to which they would look back on what has happened in the past. This is something we have to be patient about", Patrick Honohan said.
He said progress had been made on getting Ireland's highly recapitalised banks to work more quickly on the problem, yet lenders had not made up their minds on what choices to make to deal with what he called the country's biggest domestic policy issue.
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