Bloomberg News

Kenny Says Seeks to Reduce Cost of Irish Bank Recapitalization

December 13, 2011

Dec. 13 (Bloomberg) -- Irish Prime Minister Enda Kenny said that he raised with European leaders at last week’s summit the case for reducing the cost of Ireland’s bailout of its banks.

“I presented the case, the challenge that is now faced by the Irish people, where this county borrowed 63 billion euros for bank recapitalization at excessive interest rates before the bailout,” he told lawmakers in Dublin today. “We should now be able to use the current facilities that are available under the EFSF, and will be available under the ESM, to get into a position where we can pay off that at lower interest rates over a longer period with a very substantial saving for the Irish taxpayer.”

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