It should be added, at this point in the narrative, that, governed by a detailed legal framework, the ECB provided ample liquidity to the Irish banking system all through this period, thereby considerably reducing risks for the domestic banks.
During this time, the Central Bank of Ireland has worked with the ECB to ensure that the necessary liquidity has been made available to allow the Irish banking sector to continue to function. Returning to the banking strategy, in practice, it has come to be organised around three objectives – recapitalise, resize and restructure.