€10 billion more for zombie banks

Published on 10 February 2011 at 10:55


"Lenihan delays €10bn bank boost until after election," headlines the Irish Times. With the rescue bill for Ireland’s zombie banks already a staggering €50 billion euros, Ireland’s outgoing finance minister has announced that another cash injection is due, but only after the 25 February general election. Just two weeks ahead of a poll which should see his ruling Fianna Fail party – widely blamed for Ireland’s economic disaster – obliterated, Mr Lenihan handed on what must be a poisoned chalice to the incoming government. Blaming the delay on the collapse of the government on 21 January, and insisting that the EU, the IMF and the European Central Bank (ECB) approved, Mr Lenihan said, “I am following constitutional practice. It would be different if the Government hadn’t lost its majority.” The €10 billion is “to be sourced from the National Pension Reserve Fund,” the Dublin daily notes.

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