Business

I knew of bailout bid - Irish bank chief tells inquiry

Bank chief Patrick Honohan said someone told him: "Greece is Europe's Bear Stearns but Ireland is the Lehman's".
Ed Carty, Press Association
THE Republic's banking chief has said he knew the country would apply for a bailout three weeks before it was agreed in late 2010. Patrick Honohan, the outgoing head of the country's Central Bank, revealed he phoned the country's top morning radio show on November 18 2010 to tell the public what was happening a day after €900 million (£640,000) of deposits flooded out of Irish banks. It was the biggest shift of finances in a single day before or after the financial crisis. Mr Honohan said he felt he had to speak out on the day the government opened negotiations [...]
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