Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-545"
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"en.20101123.40.2-545"2
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"Unfortunately, given that the negotiations on the programme that has been requested are ongoing during these days and hours, I cannot go into details. What I can tell Mr Mitchell is that these restructuring plans for the financial institutions in Ireland, and in general, the programme to finance the financial needs of Ireland at these difficult times, will hopefully have the positive outcome of putting an end to this very difficult and challenging situation in order to put the Irish economy back on the path of recovery and sustainable growth, as was the case in the past. Ireland was one of the best examples of economic success in the euro area and in the EU.
This is the way to tell Irish taxpayers that their money which is now being used for this restructuring, together with financing that hopefully will come after the adoption of the programme from the two European mechanisms, plus the IMF cooperation in this programme, will be returned to them as the positive result of a successful solution to the present Irish problem.
I cannot go into the details. I also ask for your understanding on this. What I can say is that there are other financial institutions, other Irish financial institutions, under the restructuring plans being negotiated, or that have been analysed by the Commission. You have seen our State aid rules competences. In the case of Bank of Ireland, we adopted a positive decision on the restructuring plan. In the case of the Allied Irish Bank, we are also negotiating the conditions of the restructuring plan. In the case of two building societies, EBS and INBS, we are also considering the restructuring of these financial institutions.
I have to say that in two cases, the Anglo Irish Bank and the INBS building society, we are working on a winding-down scenario. In the other cases, the restructuring will hopefully put those financial institutions in the market in better conditions, in viable conditions, after their restructuring is decided and implemented."@en1
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