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Seamus Coffey: So how much has been paid out to unsecured unguaranteed bondholders in the Irish banks?


WRITING in yesterday’s Sunday Independent Colm McCarthy argues that Ireland should take a legal action against the actions of the ECB in the autumn of 2010 which, according to the article, have had "enormous costs, running to tens of billions" which has "been arbitrarily added to the Irish debt burden".

There is little dispute that the unguaranteed unsecured bank bondholders were repaid, in part, at the insistence of the ECB. One member of the ECB’s Governing Council has told us why the unsecured unguaranteed bonds in Anglo and Irish Nationwide were repaid.

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