Oireachtas Joint and Select Committees
Thursday, 30 April 2015
Committee of Inquiry into the Banking Crisis
Institute of International and European Affairs
Governance of the ECB: Past, Present and Future
Mr. Jean-Claude Trichet:
Again, all these decisions were decisions of the Government of Ireland if I am not misled. We had 15 countries that had all more or less the same problem, the same difficulty, with many countries obliged to sustain some of their institution by various means. I cannot say anything but, we at the time were supporting Ireland through our own refinancing more that any other country and I have to say, more to my knowledge of all other advanced economies, whether they are in the euro area or out of the euro area. I already told you that at the time our help to Ireland represented 100% of the GDP of Ireland. So you have to realise what it means for a central bank to do something which represents a multiple of what the Fed. did for the United States of America. I mentioned that en passant.
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