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Fiscal Costs Of Anglo Irish Bank.pdf

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Preview of Fiscal Costs of Anglo Irish Bank

🔗 Source: ucd.ie

📊 Size: 365 KB

👤 Author: Nicolas Clifton

⬇️ Downloads: 231

Summary

The Irish state took on huge debts by taking over liabilities of privately-owned banks, mainly Anglo Irish Bank and Irish Nationwide Building Society, which merged to form the Irish Bank Resolution Corporation (IBRC), with a total cost of around €35 billion or 22% of Ireland's nominal GDP in 2011. The key burden relates to promissory notes provided by the Irish government to pay off Exceptional Liquidity Assistance (ELA) loans from the Central Bank of Ireland, rather than unsecured bondholders. The paper discusses the fiscal costs of the IBRC bailout, including the balance sheet of the IBRC, the role of ELA debts, and the function of promissory notes, and suggests ways to reduce the debt burden, which could be blocked by a two-thirds majority of the ECB Governing Council.

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Description

The Irish state took on huge debts by taking over liabilities of privately-owned banks, mainly Anglo Irish Bank and Irish Nationwide Building Society, which...

Technical Information

File Format: PDF
File Size: 365 KB
Pages: 28
Language: EN
Author: Nicolas Clifton
Total Downloads: 231
Last Updated: 1 week ago

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