Tuesday 12 December 2017

Bond repayment row -- key moments this year

February 9:

What happened that day?

With the general election campaign in full swing, Fine Gael leader Enda Kenny said "not another cent" would go into Anglo. He said taxpayers had forked out enough, and it was time for bondholders to take the hit.

"The junior, and senior, and non-guaranteed bondholders are going to have to pay the price," he added.

Price of Anglo senior bond drops from €75 to €50

June 15:

What happened that day?

Finance Minister Michael Noonan announced he was looking to impose losses on senior bondholders in Anglo Irish Bank and the Irish Nationwide Building Society during a trip to the US.

"We don't think the Irish taxpayer should have to redeem what has become speculative investment. I don't think it should be redeemed at par," he said.

Price of Anglo senior bond drops from €87 to €77.

September 16:

What happened that day?

Before his meeting with ECB President Jean-Claude Trichet in Wroclaw, Mr Noonan announced a change of tack in relation to Anglo senior bondholders.

He said he was going to push for change to the cost of the "very expensive" promissory notes used to rescue Anglo rather than forcing the issue of inflicting losses on the collapsed banks' senior bondholders.

Price of Anglo senior bond increases sharply from €87 to €94 within days.

End of October:

What happened?

Taoiseach Enda Kenny made it clear the Government would be repaying the value of Anglo senior bonds in full.

"Ireland always pays its way and although I do not like to have to do this, in the interests of our people and the long-term future of our country, we cannot unpick what Mr Martin's government did. We are pursuing alternative strategies to have the debt burden reduced," he said.

Price of Anglo senior bond reaches €99.

Irish Independent

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