Cowen to address the nation

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What did Ursala do... I missed it

Bailout taoiseach says he is not a liability
Posted on November 21, 2010 by Gerard Cunningham

Brian Cowen finally appeared on RTE at 8.30pm on Sunday night to say what everyone already knew. Ireland needs a bailout.

“I don’t accept the premise of what you’re saying,” Cowen told columnist Vincent Browne, who asked if he accepted he was seen as a liability to his party, government and country.

He was speaking at a press conference held in Government Buildings, announcing a major financial assistance package agreed with the EU.

The taoiseach said the question of amending the Irish corporation tax, seen as controversial by several European governments, had not arisen.

Finance minister Brian Lenihan said the fundamentals of the economy remained sound.

Asked if he had “thought about packing it in”, the taoiseach said his government would show it’s continued determination to tackle Ireland’s problems. However, he did not say if he would remain as taoiseach of the government.

“In relation to my own position I have made it very clear this government is determined to fulfil its duty,” he said.

He said he was confident the budget would receive majority support in the Dáil.

Brian Lenihan said that overseas and non-essential assets of the banks would be disposed of.

And the taoiseach told journalist Vincent Browne he could not give a specific answer on the question of how much would be drawn down by the government.

PRESS RELEASE

21 November 2010 - ECB Governing Council welcomes the request of the Irish Government for financial assistance

The Governing Council of the European Central Bank (ECB) welcomes the request of the Irish Government for financial assistance from the International Monetary Fund (IMF), the European Union and euro-area Member States. The ECB concurs with the Commission, Ecofin Ministers and the Eurogroup that providing assistance to Ireland is warranted to safeguard financial stability in the European Union and in the euro area.

The European Union and euro-area financial support, together with the IMF financing, will be provided under strong policy conditionality, on the basis of a programme negotiated with the Irish authorities by the Commission and the IMF, in liaison with the ECB.

We are confident that this programme will contribute to ensuring the stability of the Irish banking system and permit it to perform its role in the functioning of the economy.

European Central Bank
Directorate Communications
Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu
Reproduction is permitted provided that the source is acknowledged.