(MENAFN) Ireland's Prime Minister, Enda Kenny, announced that an agreement has been reached between his country and the European Central Bank (ECB) over the bailout of two major property lenders, reported Xinhua News.
The two banks' deep exposure to the real estate sector made them vulnerable in Ireland's property market crash in 2008.
The two banks were nationalized in January 2009 and August 2010, and in July 2011; they were merged into the Irish Bank Resolution Corporation (IBRC).
Under a deal inked in 2010, the IBRC pledged to pay USD41.92 billion over 15 years to the ECB, in return for access to emergency liquidity to prevent collapse.
It is worth noting that the deal signed with the ECB will improve the country's debt position over time.
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