Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-04-27-Speech-1-245-000"

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"Mr President, next Thursday Jean-Claude Trichet will answer questions from members of the Irish Parliament banking inquiry in Dublin. One question has haunted the Irish psyche over the past number of years and that is: just what role did Mr Trichet and the ECB play in the decision to pay, in full, unsecured and unguaranteed bondholders in insolvent Irish banks. Were the Irish authorities threatened with punitive financial measures if they did not pay the bondholders in 2010, and later on in 2011? Ashoka Mody and Ajai Chopra, two senior IMF officials who were part of the Troika, have both since stated that they supported haircuts for bust banks, but were overruled by senior management in the IMF and the ECB. Yes, it was a time of crisis and contagion, but in my opinion the ECB exceeded its remit. It violated the Treaties by insisting that the Irish authorities bail out insolvent banks and impose the full costs on Irish taxpayers. Mr Trichet must answer these questions in a full and frank manner because this goes to the heart of European democracy."@en1

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