Anglo Irish Bank bailout “affordable” says governor

By

first_img Tags: NULL Anglo Irish Bank bailout “affordable” says governor Monday 16 August 2010 6:13 am IRELAND’S bailout of Anglo Irish Bank which is partly behind the country’s soaring budget deficit, is “costly but manageable,” Ireland’s Central Bank Governor Patrick Honohan has said.Honohan, who is also the European Central Bank’s rate setter, reiterated the country’s budget deficit would be around 20 per cent of its annual GDP this year despite continuing troubles at the bank, which is receiving extra state aid.“It’s a terrible shock to the system. It’s costly but it’s manageable,” Honohan said during a speech in Hong Kong.The European Union last week approved plans for up to 10 billion euros (£8.19bn) of state aid for Anglo Irish, and Honohan said that plans to recapitalise the bank were well on track and had little impact on the government’s overall deficit plans.Honohan had said Ireland remained committed to its target of reducing its budget deficit to three per cent of gross domestic product by 2014.But this year its budget deficit is not going down but up.“It’s a very high deficit measured this year because we’re taking the hit, we’re acknowledging the losses in the banking system and those losses which are being paid for by the government have to be included in the deficit,” he said. whatsapp whatsapp Sharecenter_img John Dunne by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.com More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com Show Comments ▼ last_img read more