In this context, I fully understand that Ireland is closely following the conditions under which euro-area member states will provide financial assistance to Spain for the recapitalisation of its financial institutions. One specific point is the degree of bondholders’ participation in the Spanish restructuring process.
The Eurogroup stated in July with respect to Ireland: “Similar cases will be treated equally, taking into account changed circumstances.” However, as this issue is currently under discussion I prefer abstaining from public comments. Instead I like to share my view with you on the issue of legacy assets in general. Legacy assets are those risks which evolved under the responsibility of national supervisors.