Brendan Keenan: Reduced deficits a no-brainer but little hope of it happening
The politics of tackling the promissory notes, though tricky, may not be impossible
Published 29/01/2012 | 05:00
THERE, the number is out, but good luck to you if spotted it, and even more if you are able to find it.
The number is a big one -- €3bn a year. It came out during the kerfuffle about the repayment of more than a billion in debts of the former Anglo Irish Bank to those who hold the bank's bonds -- its promise to pay.
I always thought it a bit unfair to call senior bondholders in the banks "speculators", or even "reckless speculators". Those who bought Anglo bonds were perhaps a bit more speculative -- certainly more gullible -- than others, but senior debt in regulated banks is where the safe money is supposed to go -- where one would hope the trustees and managers were putting one's pension contributions or investments in "carefully managed" funds.