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Sinn Féin concerned by ECB annual report's comments on Anglo Bonds

8 April, 2014 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty has today expressed the party's concern by the ECB report on Anglo Bonds.

Deputy Doherty said:

"Sinn Féin was the only party who expressed serious concerns and opposition when IBRC was liquidated and the promissory notes were essentially converted to sovereign debt bonds by the Government.

"It's clear that there was no real 'deal' here, just a moving around of the pieces on the board.

"While these bonds remain at the Central Bank the government still has some options. Currently the government can still delay the issuance of the bonds.

"One of the concerns we raised is that the ECB would push for a faster timeline for the disposal of the bonds than originally planned. Once the bonds are out on the open market our debt increases and our options are closed down.

"Given the abject failure of this Government to achieve recapitalisation for the State's bank debt, it should be looking at these bonds/promissory notes as the only leverage it has with Europe and should be refusing to play the cards the ECB wants it to play. The ECB is not interested in helping Ireland manage its debt - the Government should be, and it should be refusing to dance to the ECB's tune."

Sinn Féin MEP Martina Anderson has quizzed the ECB directly.

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