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Killing Anglo?

by Colman Wed Feb 6th, 2013 at 01:21:58 PM EST

Apparently there's some complicated deal being put together to reduce the cost of servicing the debts the Irish state took over from Anglo Irish Bank:

Under the plan, IBRC’s assets would be transferred to the National Assets Management Agency.

The bank's promissory note would be replaced with a bond, possibly of 40 years in length, while the bank would continue to be wound down.

The new arrangements need the backing of the European Central Bank's Governing Council, which is meeting in Frankfurt this evening ahead of a formal meeting tomorrow morning.

This should reduce the annual €3.1bn cost of financing the promissory note by pushing repayment of principle out into the future. However, it would not reduce the total sum to be repaid.

(RTÉ)
Woohoo.


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Emergency legislation gave us the genius Bank Guarantee scheme in the first place, so I'm not optimistic about this.

And we're still paying private debt with public money.

by Colman (colman at eurotrib.com) on Wed Feb 6th, 2013 at 01:23:01 PM EST
And we're still paying private debt with public money.

What portion of the Irish electorate have any real or clear understanding of this basic fact?

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Feb 6th, 2013 at 04:21:11 PM EST
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More or less everyone. That's why people are angry and support for the elite - Govt., EU/ECB - is slipping away.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Wed Feb 6th, 2013 at 06:05:27 PM EST
[ Parent ]


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