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:
Sir, we had helped Ireland more than any other country. It seems to me that there is something which is missed here. We were the institution which was helping Ireland much more than any other central bank did for any country. In the case of the United States, the Fed would not have $4 trillion in its own balance sheet, at the moment we are speaking, but if the Fed would have done for the United States of America what we have done for Ireland, the Fed would have been, probably something like, $10 trillion, $12 trillion, $13 trillion. So let's... we have to have that in mind.
Second, what is not clear enough in your observation is that the relationship with Brian was extraordinarily confident. Brian knew that we were helping Ireland more than any other country, we had a lot of discussion on that. He was thanking me for the help he received. And he was in favour, of course, of a recovery programme, of a good plan that would permit to put Ireland back on it's feet. So it's nothing to do with the kind of presentation one could make.
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