Nevertheless, the pressure that was brought to bear on the Government in this episode continues to rankle in Ireland. Capital injection into the banks Not helped by the decision not to include a bondholder bail-in in the Programme, the amount of new government borrowing that the Troika team pencilled-in as being required to put the banks on a more solid capital basis was high.
This was one of the major reasons for doubts as to the likely success of the Programme at the outset. The new and more onerous capital requirements that were set for the banks gave rise to a government cash injection as high as the € billion projected by the Troika staff.