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Irish Bailout Gives Banks ‘Backpocket’ Safety Fund, FT Reports

Dec. 2 (Bloomberg) -- A 25 billion-euro ($33 billion) contingency fund for Ireland’s banks, agreed as part of the bailout for the country, makes its lenders better equipped for stressed conditions than previously required by the Irish regulator and other bodies, the Financial Times reported.

While the Irish regulator had estimated the banks would need 15 billion euros at most, the extra 10 billion euros were set aside as a “backpocket” safety net, the newspaper said, citing government officials.

To contact the reporter on this story: Jack Jordan in London at jjordan22@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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