Speaking in response to statements from the Minister for Finance Michael Noonan indicating that the Government will seek to impose losses on senior unsecured bondholders in Anglo and INBS, I have welcomed the comments as a significant development.
Minister Noonan's remarks that Anglo and Irish Nationwide are now just warehouses for bad debts will come as no surprise to the Irish public who have been left with the bill for the recklessness of these failed institutions.
Their toxic legacy and the mistake of the bank guarantee have also greatly complicated subsequent efforts to address the banking and fiscal crises we face.
Thankfully, the Minister has now signalled a change in approach that will hopefully lead to significant losses imposed on holders of unsecured, unguaranteed senior bonds.
I would urge the Minister to proceed with all haste on this issue and with Government efforts to secure a reduction on the interest rates paid on the bailout loans - to secure the greatest possible savings for the Irish people.
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