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Dublin: 16 °C Sunday 19 May, 2013

Poll: Should ECB letters sent before the bailout be released?

Michael Noonan has been asked to publish letters which allegedly bullied Ireland into its bailout. Should he?

Image: Niall Carson/PA Wire

MICHAEL NOONAN has been urged to publish letters which were sent by the then-president of the ECB, Jean-Claude Trichet, to Brian Lenihan in the run-up to Ireland’s Bailout.

The Minister for Finance told today’s Sunday Independent that while he did not have the power to tell his Freedom of Information staff to release the document, he favoured its release for any inquiries into Ireland’s banking collapse.

Fianna Fáil has asked Noonan to publish the document immediately, though others commenting on the story on TheJournal.ie this morning believe the matter is now in the past – and publishing the letters would serve no useful purpose.

(Edit: Some of the reasons both in favour and against releasing the documents are summarised by the Department of Finance in a response to a Freedom of Information request lodged by this website last year.)

We wonder what you think: Should the documents be published, and their full contents revealed to the public – or would doing so only threaten to undermine Ireland’s relationship with the ECB, as well as cause political instability?

Should the ECB’s letters sent just before the bailout be published?


Poll Results:





Read: Will Noonan publish the ECB letter that forced Ireland into a bailout?

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Comments (51 Comments)

  • 40% say “no” – Jesus wept

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    • 40%. And then we wonder why there’s no accountability in this country. Because there’s no demand for it. Sense of rage? No, thanks. I’d rather have a pint.

      Reply
    • A lot of FG people on here, so far 416. Then again they could be the Labour traitors!

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    • Paul I Voted no because I believe that there is a moral obligation on the recipients of such correspondence which was provided under terms of strict confidentiality regardless or the contents. What you are suggesting or implying is that the Minister or his Department can ignore such strictures and publish against the norms and standards of behaviour expected at this level of International relations.
      Given crick need fir Ireland to have the ECB on side what you are suggesting is foolish and immoral. What else would I expect from the great unwashed?

      Reply
    • @Mick – so if I threaten you with blackmail and tell you my threat is ‘confidential’…..you cannot tell anybody……..nice!

      ….besides, you’re missing the real point here……this affects you and me and I, for one, want to bloody well know. Maybe you’re happy to allow others to decide what you can and can’t see in a sovereign state but I am not. The Government are our representatives NOT our masters. We do not live in a dictatorship.

      Immoral my arse!

      PS – I had a shower today!

      Reply
    • Lol Paul. Glad you left your Occupy tent and went home to Mammy’s for a shower you young crustie you. :D

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  • I want to see the letters that seem to have crippled the state with a bailout……after all we are the people paying for it

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  • YES of course he should publish them ,lets see what those bullying b……s had to say ,let every household in Ireland see what passes for democracy in Europe ,god knows we are paying dearly enough so we have a right to know ,it will also show how spineless the ff government where ,publish and be damned ……..oh wait publish where already damned !!!

    Reply
    • Marion you seem to be somewhat prejudiced before you even see the correspondence by describing the ECB as bullying bastards. Well Lady …..sorry I withdraw that accusation….those people advanced us monies to pay for Social Welfare , Public Services and Healthcare provision when nobody else would.
      Not alone are you ungrateful but you have a mouth that needs a rinse with carbolic soap as well.

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    • Mick – grow up will ya

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  • Wikileaks all is forgiven……..

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  • The people of this country need to know if the irish bailout and the payment of unsecured bondholders was done for our benefit or the EUs benefit.

    The euro will never get out of the current mess until all the people in the EU know for a fact if it’s being run for the people’s benefit or the benefit of economics.

    Only then can we decide if we want to stay or leave.

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  • Could someone who voted no please explain WTF!

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  • Publish.

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  • Of course these threatening letters from ECB should be published. Our government are our representatives. If I sent somebody to a meeting to represent me I’d expect to see any correspondence from that meeting, and especially so if I was expected to put myself and my children into debt from it.

    Governments need to realize that being elected a TD is not equivalent to winning a popularity contest. They are there to represent us – not lord over us.

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    • Reada, 100% correct. Once elected, these elitists forget why they are there and assume agendas that they never put to the electorate.

      Time we had honesty, openness and TDs who represent us. They’re paid enough to deliver such basic principles.

      Reply
  • Yes, publish for democracy and transparency

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  • Why would you not release them?

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  • I hope they are published and let it be a wake up call to the citizen slaves of this country … just what we need to light the fire.

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  • Yes they should be published. We all know that it is for the good of the Euro and the Merkal gang.At the same time what difference would it make. Ireland is full of arm chair critics who love to bend over and take one for the Euro-team.

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  • We were sold out by FF and now by FG Labour are like the greens(impotent) – just taking the money and pensions.

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  • Hey, not fair….How come Merkel et al get so many votes?

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  • A referendum on our future in Europe, should be demanded. I don’t want to be in a Facist Europe anymore!

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  • We as the people and taxpayers who bailed out these thieves and traitors we have a right to see who bullied and threatened or worthless then government into handing over billions to the banks and leaving the bondholders untouched……….and if the ecb think this letter will somehow make the irish might not like them after it news flash we see the ecb in the same light as politicians and bankers in this country, worthless, self-serving, lying bastards!

    Reply
  • this would be the most powerful exercise of democracy in a small state attached to the EU. this is a time to actually act with good strong spine because we simply cannot be seen to continue to grovel to the EU when in fact we were bullied, but more than this, to stand up to this can send a great message about our integrity and our belief in Democracy and our belief also that democracy we have now is not so, its is autocracy. i think ireland can change things for others and for us by publishing, it would also give us a great confidence boost in our ability to be confident enough to do it.

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  • Should they not be released under the Freedom of Information act?

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  • Will the letters point to the Dominoe effect, cheap money-Bankrupt EU countries-Bail them out- full integration and control of Europe. Germany/France get their money back, we say nothing because they bailed us out and we are all under the thumb of the Germans/French. I think we should start packing, book a RyanAir flight out of the EU and be relieved we bailed in time!

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  • Wouldn’t matter…they’ll be redacted at the important bits so we won’t see what matters.

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  • Just thinking about Noodles Noonans response, Do you all remember the referendum giving the Dail too much power on Inquiries and a Bank Inquiry! It was defeated,an embarassement for the now Traitorous Government we have at present. I’d say, they want to re-run that referendum and use the ECB letters as bait to get it through. I bet, all that’s in those letters is a Warning of what the worse case scenario would be and it would be in our interest to do the right thing. That thing been explained already, with behind the scenes phonecalls that never happened!

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  • “Freedom of information” is important if we value our democracy , Why should banks and ministers get to decide if it is in the “national interest” NOT to reveal these papers and their entire content?Since when are the Voters of Ireland thick and Ignorant..?. I Live in Europe and I can tell you , Irelands reputation is in the Gutter with the arrogant Germans and Swiss all sneering and saying “we told you so”… So let’s see what they did in this bailout? Let’s see how our “cap in hand” politicians dealt with it?
    Freedom of information is accountability , I am non partisan but I want to know ,just on principal. People lost their pension funds and lots more.. I want to know who is responsible for that, because Frankly.. they should be made to pay.. FF, Labour, FG or Banks and Insurance companies, It is irrelevant.
    I have an Article from a Swiss magazine which FIRMLY lays the blame on the irish banking collapse on Swiss, German , and Dutch Banks..
    It is ironic, that the bailout money was used to pay back the European Banks.. and they retaind control over pension moneys… there are much bigger players at the table here and one has to question the ECBs motivation.

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  • I’m astonished to see 40% of poll respondents favour not publishing – are these people for real?

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  • Mick Collins ,i can give my opinion which i did ,if i am prejudiced as you say who could blame me ,i did not use the foul language you did merely implied it so maybe you shoud take that bar of soap and stick it where the sun dont shine ,i couldent care less about you or your ilk and guess what Mick looks like im in the majority…now toddle off and have a shower yourself the smell of ff off you is making me puke

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  • we should sue this Government and The Previous For Making The Irish on a force bailout and for not informing us before the Treaty referendum, therefore we can say Avoid to this Referendum as we have been lied to all along, and we all should sue this Government for Cheating us Into a referendum Treaty under False Flag and a Flawed Clause, Corruption And Conspiracy , the people of Ireland should ask Mr noonan and Enda Kenny and All of The TDS that were involved and who knew about this, Or The Irish Government Should seek judicial review of the legality of the ECB’s behaviour at the European Court of Justice, as is provided for in the ECB statute, all of the relevant records should come into public view, including not just the undisclosed letter, but also emails and phone records from the period, covering any contacts between the ECB and European banks and creditor lobby groups. It would also be important to know whether any influence was brought to bear on the ECB by the finance ministries of Germany and France.
    The reluctance to release this letter doubtless reflects the sensitivity of the contents. It may not deal with the pay-off to unsecured bondholders at all — the ECB was putting pressure on the Irish government to accept a bailout at the time and encountered some resistance. But the pay-out to bondholders occurred, and it is clear that this was at the insistence of the ECB.

    They all should Step down from Government Now

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  • Yes, but it should be used towards our advantage. ECB don’t want it released, so maybe we can get a good deal on our bank debt as long as we don’t release it rather than releasing it and shooting ourselves in the foot?

    In general I think confidential documents should remain confidential unless there is serious advantage or a genuine reason to make it public.

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  • What difference will it make, even the previous govt. had been bullied, it’s up to them to decide what will be for the best interest of the taxpayers and not to ECB or the banks in general. Issuance of bank guarantee is tantamount for the people to be deprive of luxury & well living, but ‘absolute guarantee’ with out knowing yet how deep the banks exposure is absolute madness.

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  • But really, whats the point?

    Release would be deconstructive and simply promotes negativity. Some people love negativity I guess.

    You gotta be realistic

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  • EU = s**t

    Reply

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