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ECB Threatened To Pull Irish Funding Days Before Bailout

The European Central Bank threatened to cut off emergency funding from the Irish banking system in November 2010.

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The threat is contained in a letter from then ECB President Jean Claude Trichet to the late former Finance Minister Brian Lenihan, which has been obtained by the Irish Times.

It said that unless Ireland applied for a bailout from the EU and IMF before that weekend was out, all ECB emergency funding to banks would have been cut off.

The publication of the letter comes ahead of an expected discussion at the ECB's monthly meeting on whether it will release the letter later today.

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