Hi everyone -
State of emergency: some truths on the funds keeping our banks afloat
Link to Story: http://www.independent.ie/business/...e-funds-keeping-our-banks-afloat-2533375.html
I would like to hear some opinions and feedback of what is being discussed here in this article in today's Irish Independent - what is meant by ELA Emergency Liquidity Assistance; is this the IMF Bailout Fund that is being described? At the beginning of this article it is suggested that the Department of Finance and the Central Bank of Ireland are not telling anyone what is going on? Is what is being described here the fact that the Central Bank of Ireland are now printing Euro's as we have ran out of cash e.g. ATM machines etc..?
"Ireland is now home to the biggest ELA scheme in the world -- in proportional terms -- with taxpayers here on the hook for about €50bn of emergency cash that's been channelled through the Central Bank of Ireland (CBI) into our banks.
Despite the massive sums involved, the CBI and the Department of Finance have repeatedly refused to comment on the operations while the money maestros at the ECB have been similarly reticent."
State of emergency: some truths on the funds keeping our banks afloat
Link to Story: http://www.independent.ie/business/...e-funds-keeping-our-banks-afloat-2533375.html
I would like to hear some opinions and feedback of what is being discussed here in this article in today's Irish Independent - what is meant by ELA Emergency Liquidity Assistance; is this the IMF Bailout Fund that is being described? At the beginning of this article it is suggested that the Department of Finance and the Central Bank of Ireland are not telling anyone what is going on? Is what is being described here the fact that the Central Bank of Ireland are now printing Euro's as we have ran out of cash e.g. ATM machines etc..?
"Ireland is now home to the biggest ELA scheme in the world -- in proportional terms -- with taxpayers here on the hook for about €50bn of emergency cash that's been channelled through the Central Bank of Ireland (CBI) into our banks.
Despite the massive sums involved, the CBI and the Department of Finance have repeatedly refused to comment on the operations while the money maestros at the ECB have been similarly reticent."
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