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Ireland hopes the European Stability Mechanism will help to recapitalise AIB and Bank of Ireland. “It’s important that EU heads of state and government are seen to – and in fact do – implement the [year-old] agreement to break the link between sovereign debt and bank debt”, Ms Creighton said. “We are very anxious that there will be direct recapitalisation . . . that the option be left open.”
Eurozone leaders have decided that retroactive recapitalisation must be by unanimous decision, and on a case-by-case basis. “That argument suits us very well”, she said. “We have said for a long time that Ireland is a unique and special case.”
In the last week of the Irish presidency, three important issues are still pending: the common agricultural policy; banking union; and the next multiannual framework or seven-year budget for the EU. “It’s inevitable that when you come to the end of a very short, six-month presidency, a lot of issues will go to the wire”, Ms Creighton said.