http://www.independent.ie/opinion/columnists/david-mcwilliams/david-mcwilliams-ecb-bailout-is-the-only-card-we-have-left-to-play-2423740.html
"Here are the numbers. As of yesterday, the ECB was sitting on assets of e1,878bn. These are government bonds and bank IOUs which the ECB takes as collateral for the cash it lends to the banks. Interestingly, the Irish central bank's assets total €185bn.
So, the Irish central bank's assets are about 10pc of the ECB's. An unusual situation for a country that is only forecast to add 1.72pc of eurozone GDP in 2010.
If we look deeper, we see that the ECB has lent a total of €516bn to commercial banks within the entire eurozone. The Irish central bank has lent €165bn to banks based here. (Our GDP for 2010 is forecast to be €155bn.) So of all money lent to banks in the eurozone, 31pc is lent to banks based in Ireland."
"Here are the numbers. As of yesterday, the ECB was sitting on assets of e1,878bn. These are government bonds and bank IOUs which the ECB takes as collateral for the cash it lends to the banks. Interestingly, the Irish central bank's assets total €185bn.
So, the Irish central bank's assets are about 10pc of the ECB's. An unusual situation for a country that is only forecast to add 1.72pc of eurozone GDP in 2010.
If we look deeper, we see that the ECB has lent a total of €516bn to commercial banks within the entire eurozone. The Irish central bank has lent €165bn to banks based here. (Our GDP for 2010 is forecast to be €155bn.) So of all money lent to banks in the eurozone, 31pc is lent to banks based in Ireland."
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