The ECB is to consider releasing the letter which forced Ireland into a bailout.

The European Ombudsman, Emily O'Reilly, is formally asking the bank to release a letter which reportedly saw Brian Lenihan forced to ask for help from the Troika.

It's thought that the ECB's then-president, Jean-Claude Trichet, threatened to cut off funding for Irish banks if the government didn't take a bailout programme.

Both the ECB and the Department of Finance have previously refused to release the letter, citing exemptions in the Freedom of Information laws.

In response to written Dáil questions, Finance minister Michael Noonan said his department would have no problem releasing the letter if the ECB had already done so.