Here are the Merrill Lynch reports that underestimated the bank bailout by €47bn

These are the full documents prepared for the Department of Finance and the National Treasury Management Agency at the height of the crisis.

THIS WEEK, WE reported on the news that Merrill Lynch underestimated the costs of the bank bailout by €47bn in a 2008 report for the then government.

The documents (links below), released to Sinn Fein finance spokesperson Pearse Doherty under freedom of information, show a presentation and briefing document prepared for the Department of Finance and the National Treasury Management Agency (NTMA) in October and November 2008.

They show the low estimate itself, as well as various options that were considered to deal with the banking crisis.

Read: Merrill Lynch presentation to Department of Finance November 2008>

Read: Merrill Lynch presentation to National Treasury Management Agency October 2008>

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