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.
