ELA, Promissory Notes and All That: The Fiscal Costs of Anglo Irish Bank

Karl Whelan

Abstract


This paper describes the cost to the Irish state of its bailout of the Irish Bank Resolution Corporation (IBRC). The paper discusses the IBRC’s balance sheet, its ELA debts to the Central Bank of Ireland and the promissory notes provided to it by the Irish government to pay off its liabilities. Options for reducing these costs are discussed.

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