Wednesday 7 December 2016

Brendan Keenan: Benefits of Anglo deal not tangible to public

Published 22/03/2012 | 05:00

NOTHING is ever simple with this Government. After the confusion and arguments over the household charge, it was never likely that something as complex and fraught as the saving of Anglo Irish Bank would go smoothly.

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Perhaps Fine Gael and Labour ministers lack the practise at "choreography" that played such a large part in the peace process. Certainly everyone was flat-footed last night, as government sources claimed they had a deal on the €30bn of so-called "promissory notes" for Anglo (now IBRC) and the European Central Bank furiously denied it.

But it looks like Michael Noonan has got what he most wanted -- not being seen to hand over €3bn to IBRC by the end of next week. After having to pay senior bondholders of the banks in full, that would have been -- to use that famous word -- politically toxic.

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