Ireland’s financial system had hit rock bottom and the need for international assistance loomed. This support arrived through the ‘Troika Programme.’ The result was capital injections into the BOI as well as the IBRC in promissory notes, leading to their liquidation. Ireland’s financial system was on the road to recovery.
Key learning objectives:
Explain the background to Ireland’s Financial Crisis and the need for international assistance
Identify the motives behind the ECB actions
Discuss the role of the Troika Programme and its liquidation of IBRC which secured recovery.