The EU's top economic official Olli Rehn said Monday that Ireland could find "room for maneouvre" on bailout repayment terms and conditions, just not for its 2011 commitments."It is essential to respect the plan... especially for 2011," said EU commissioner for economic affairs Rehn of the international agreement for a 67.5-billion-euro bailout signed in December with the EU and the International Monetary Fund."But concerning the outer years, there is more room for manoeuvre," he admitted.
It paves the way for a restructuring of Ireland’s most controversial bank bailout, reports The BBC.
The law was rushed through amid a rowdy late night and early morning sitting.
Under the plan the bank, now the IBRC, will cease to exist. Its debt will be transformed into a long-term bond.
The debt had been costing Irish taxpayers 3.1bn euros each year.
MADRID (Reuters) - EU Economic and Monetary Affairs Commissioner Olli Rehn said on Monday he expects euro zone members to respect their commitments regarding direct bank recapitalizations as agreed at a summit in June. Rehn was speaking in Madrid after a meeting with Spanish Economy Minister Luis de Guindos. (Reporting By Sarah Morris; Writing by Tracy Rucinski; Editing by Nigel Davies)