Call for full disclosure of bailout documents

THE GOVERNMENT should publish the full record of contact between the Department of Finance and the European Central Bank in the lead-up to the bailout two years ago, the Fianna Fáil finance spokesman has said.

Responding to reports in The Irish Times on three letters between former president of the ECB Jean-Claude Trichet and the late Brian Lenihan in the run-up to the bailout in November 2010, Michael McGrath TD said the “disturbing” information paints a picture of relentless pressure” on the then government to enter a formal programme “in the false belief that it would prevent contagion throughout the rest of Europe”.

“The Irish people deserve to have access to all records of the period leading up to and during the negotiations of our formal programme with the EU-ECB-IMF,” he said.

“It is not good enough for information as important as this to be drip-fed into the public arena by way of selective leaks.”

He called on the Government to release the records of all contact with the ECB before and during the bailout negotiations.

“It is my view that these records will allow a greater understanding of the circumstances of Ireland’s entry into a programme and the pernicious role of the ECB in insisting that Irish citizens bear the full cost of a banking bailout,” Mr McGrath said.