Oireachtas Joint and Select Committees
Thursday, 25 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Professor Patrick Honohan:
Source of the ... oh, the €17.5 billion, yes, absolutely. They didn't want ... the sums of money which were, "We are fully funded until X months away", those were to be swept in as well. That's what that amounts to. Particularly for the IMF, the scale of the lending, after the huge loan they'd made to Greece, was beginning to stretch their resources. They could see that they might have some other loans to make as well, perhaps to Portugal, which, indeed, happened. So we were getting to the outer limit of the sorts of sums of money that they wanted to lend. But they did want to make sure that the programme and the public finances were going to be sorted for three years, so that, at the end of, it we'd be back in the market, but we'd have enough money for three years. And so they wanted to make sure, that's how they allocated it, €17.5 billion from the ... whatever number it is, I can't remember off-hand ... from the pension reserve fund, and then €22.5 billion from each of the agencies, I think that's it.
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