A further impact of being insolvent would mean the Central Bank of Ireland and the ECB would no longer fund the Irish Bank Resolution Corporation, IBRC, and that funding of approximately €40 billion would have to be unwound. The sum of €40 billion is predominantly State backed. Again, given the level of support provided by the ECB for both the IBRC and the other Irish banks, a failure to pay the ECB could have a dramatic impact, as it would create a doubt about the future of the €110 billion being made available by the ECB and the Central Bank of Ireland to Irish banks at a low interest rate.

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