The ECB’s Secret Letter to Ireland: Questions


 

 

Did the ECB threaten to withdraw funding from Irish banks unless Ireland entered an EUIMF program, either in a letter dated November 12 or in meetings the following weekend?

THE European Ombudsman has begun a formal investigation into the European Central Bank‘s refusal to release the letter that bounced Ireland into the bailout.

Two senior executives from the Ombudsman travelled to the ECB’s headquarters in Frankfurt in December to view the letter which the bank is refusing to allow the citizens of Ireland to see.

The decision to carry out an investigation follows a complaint against the ECB of “maladministration” by journalist Gavin Sheridan. The ECB has refused to release the letter dated November 19, 2010, for over a year on the basis that it claims it is not in the “public interest” for Irish citizens to see “candid communications” between the ECB and national authorities.

“Not in the Public Interest’ this is rich coming from an unelected EU official.In short it is a two fingers to democracy and your democratic rights

This letter is marked “secret”, and its publication has been blocked at the highest levels of the ECB. 

The ECB’s justifications for not releasing the letter included the following paragraph:

The second letter, dated 19 November 2010, is a strictly confidential communication between the ECB President and the Irish Minister of Finance and concerns measures addressing the extraordinarily severe and difficult situation of the Irish financial sector and their repercussions on the integrity of the euro area monetary policy and the stability of the Irish financial sector.

The content of the letter was alluded to as follows:

The ECB must be in a position to convey pertinent and candid messages to European and national authorities in the manner judged to be the most effective to serve the public interest as regards the fulfilment of its mandate. If required and in the best interest of the public also effective informal and confidential communication must be possible and should not be undermined by the prospect of publicity.  In this case, the confidential communication was aimed at discussing measures conducive to protecting the effectiveness and integrity of the ECB’s monetary policy and fostering an environment that ultimately contribute to restoring confidence among investors in the overall solvency and sustainability of the Irish financial sector and markets, which, in turn, is of overriding importance for the smooth conduct of monetary policy.

The Irish public deserve deserve better than this tardy treatment from both the EU and the Irish Government

 

About Old Boy

Love the past and the future but live in the present

Posted on February 18, 2013, in buisiness, Government, IMF/ECB, International affairs, Ireland, politics and tagged , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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