Estimates of losses, both NAMA and non-NAMA related, were conducted in 2010 with further capital being injected, leading to an increase in the Promissory Note. These initial recapitalisations took place as Government finances were deteriorating significantly due to the collapse in economic activity, limiting the capacity to over-capitalise the banks.
Mario Draghi: Eighth ECB Statistics Conference Welcome address by Mr Mario Draghi, President of the European Central Bank, at the Eighth ECB Statistics Conference “Central bank statistics: moving beyond the aggregates”, Frankfurt am Main, 6 July 2016.