ECB announcement on IBRC Promissory Notes

[Brendan Burgess]

Mario Draghi is beginning his news conference now.

He is giving a summary of the ECB view on inflation and the economy generally. No mention of IBRC or Ireland yet

 

[Brendan Burgess]

No decision taken by ECB? They " unanimously took note" of the Irish government's action.

Draghi has referred the matter to the Irish government and Irish Central Bank who will explain what is happening.

 

[Brendan Burgess]

Tony Connelly (RTE) asks Draghi "I am not clear about what happened" . Draghi said: "You are right"

This is very confusing.

Alan Ahearne in RTE studio says: "It's understandable. The ECB can only deal with the Central Bank, not with the government"

Sounds as if the ECB did not object to the Irish plans.