The investors who bought these bonds are being fully recompensed. They will share no part of the burden for the losses made by Anglo when the bank lent this money on to property developers.
Instead, because of Fianna Fáil's failed banking policy, those losses are being picked up by the tax payer
The €750 million being paid today was borrowed five years ago - on the 17th of January 2006 at the height of the property boom.
Most likely these were professional investors, who were supposed to be responsible for assessing the risks associated with lending money to Anglo. They were supposed to be responsible for making judgments about the bank that was borrowing their money, about who ran it, what type of lending it did, and the economy it was lending into.
They were supposed to be responsible for assessing those risks, because, if anything went wrong, they were supposed to carry some share of the burden.
Now it has all gone wrong, and still these investors are getting away scot free
The bond being paid tomorrow is senior unsecured debt.
It is not now covered by any State Guarantee.
Labour is campaigning for a mandate to ensure bond-holders such as these share the burden of the losses in the banks. Burden sharing for bank losses has become central to debates within the Eurozone and now has the clear support of the IMF. A new Irish Government will have to engage fully after the election in pursuing this option.
The Irish people didn't create the mess that is Anglo, but they are being forced by Fianna Fáil to carry the
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