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Boost for the economy as Anglo debts set to be sold off


Anglo Irish Bank

Anglo Irish Bank

Anglo Irish Bank

There could be a massive boost for the economy next year as the Central Bank is set to speed up the sale of €25bn debts built up by Anglo Irish bank.

The Irish Times is reporting the Central Bank has taken steps in recent months to speed up the rate at which it sells off the €25bn in government bonds it has held since the deal last year to end the promissory note scheme.

Private investors are thought to be the main market for the bonds and a large portion of the cash raised will ultimately end up in the exchequer.

Up to 80pc of the profits on the bonds will go to the exchequer but the money will only be paid the following year.

Almost €500bn of Anglo debt is due to be sold off before the end of the year

Online Editors