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Colm McCarthy: A coup for the Government – but it still has unfinished business when it comes to debt

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Michael Noonan with Mario Draghi at a eurozone finance ministers' meeting in 2012

Michael Noonan with Mario Draghi at a eurozone finance ministers' meeting in 2012

Michael Noonan with Mario Draghi at a eurozone finance ministers' meeting in 2012

The two most insolvent of the Irish banks, Anglo and Nationwide, were closed and absorbed into a Government wind-down vehicle, IBRC, in July 2011.

The Government has closed IBRC and secured about as good a deal on the Anglo and Nationwide portion of the legacy bank debt as could have been achieved. To pretend otherwise is to wish that Ireland could hop on to a time machine and unwind the disastrous bank guarantee of September 2008 and subsequent errors.


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