Finance Minister admits 'mistakes' made with Troika

Thursday 13 June 2013 12.05
Michael Noonan said mistakes had been made refusing to allow losses to be imposed on senior bondholders
Michael Noonan said mistakes had been made refusing to allow losses to be imposed on senior bondholders

Minister for Finance Michael Noonan has said Ireland has "quite a good relationship" with the Troika, but admitted there had been mistakes in the bailout programme.

Speaking on CNN, Mr Noonan said mistakes had been made refusing to allow losses to be imposed on senior bondholders and other bank creditors in 2011.

Minister Noonan said: "When I recapitalised the banks I pushed Jean-Claude Trichet very strongly to allow bail-ins but couldn’t get any concession on the issue.

“Now it’s on the agenda as part of the method for resolving bank problems in Europe,” he said.

The minister said the whole Troika process was entirely new, and that is why mistakes happen.

Mr Noonan told CNN's Quest Means Business that "not very many mistakes were made in Ireland but it is hard on the people, they have stayed with us but they need to see the results - that we are being successful, and they are seeing that now".