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Ireland expects multi-billion euro bailout

Ireland's central bank on Thursday said that it expected the country to receive tens of billions of euros in loans from European partners and the IMF to help shore up its shattered banks and stabilise the economy.

business Updated: Nov 18, 2010 23:21 IST

Ireland's central bank on Thursday said that it expected the country to receive tens of billions of euros in loans from European partners and the IMF to help shore up its shattered banks and stabilise the economy.

Central bank governor Patrick Honohan was speaking shortly before the start of talks with a joint mission of the European Commission, the European Central Bank and the International Monetary Fund on a possible rescue package.

"The intention is and the expectation is, on their part and personally on my part, that negotiations or discussions will be effective and a loan will be made available and drawn down as necessary," said Patric Honohan.

"We're talking about a very substantial loan for sure - tens of billions, yes," Honohan said, acknowledging that there had been substantial outflows of funds from the Irish banking sector since April.

Irish Prime Minister Brian Cowen has repeatedly rejected suggestions that his government is discussing a bailout that would place public finances under EU-IMF supervision.

Ryanair chief executive Michael O'Leary has said the government was incapable of running the economy and the Irish should welcome being put under IMF stewardship.