Tags: ireland | central | bank | europe | ecb

ECB: Package Helps Stabilize Ireland, Euro Zone

Sunday, 28 Nov 2010 03:38 PM

A European Union aid package for Ireland provides a basis for the country to stabilise its economy and will help ensure financial stability in the euro zone, the European Central Bank said on Sunday.

Finance ministers from the 16-nation euro zone earlier agreed an 85-billion-euro ($113 billion) rescue package for Ireland.

"The Governing Council of the European Central Bank welcomes the economic and financial adjustment program," the bloc's central bank said in a statement.

"The program contains the necessary elements to bring about a sustainable stabilisation of the Irish economy.

"It addresses in a decisive manner the economic and financial causes underlying current market concerns and will thereby contribute to restoring confidence and safeguarding financial stability in the euro area."

The ECB said it welcomed the commitment of the Irish authorities to take any further appropriate measures.

© 2015 Thomson/Reuters. All rights reserved.

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