So, Is The ESM A Fund To Bailout The Banks?

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Justice Kevin Feeney (above) of the Referendum Commission was on RTE R1’s Morning ireland earlier with Cathal Mac Coille conducting the second part of a pre-recorded Q&A about the fiscal treaty.

It offered this intriguing exchange.

Cathal Mac Coille: “Just before we move on from the ESM. Philip McCardle asks ‘The funds from the ESM. Will they be used to bailout European banks?”

Kevin Feeney: “The purpose of the ESM fund is, the aim of the ESM is to try and ensure the financial stability of the Euro area so it is the governors of the ESM, or the ministers of finance of the countries that ratify it, that they will decide how the funds are used. It is inevitable, or all but inevitable, that part of the stability of the Euro area is interlinked with the stability of the banks within the Euro.”

Hmm.

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(Sam Boal/Photocall Ireland)