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Ireland’s Hayes Irish Banking Crisis a ‘European-Wide Problem’

Brian Hayes, Ireland’s junior minister for public service reform, said the country’s banking crisis is a “European-wide problem” and that the European Union has a “responsibility to help” solve it.

“Part of the problem was created by Europe, by cheap money coming into this country, but a lax regulatory system across the euro zone,” Hayes said in an interview with Dublin-based broadcaster RTE Radio today. “They have a responsibility to help us solve this problem. I think we’re getting that message through right now.”

The government is unlikely to have an outcome on its aim to share the burden of banking losses with bondholders before the results of central bank stress tests of lenders are published on March 31, he said. Ireland “can’t take some kind of unilateral action,” he said. Among options the government is hoping for is a “medium-term financing” facility, in order to wean banks off short-term European Central Bank funding, he said.

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