Sinn Féin - On Your Side

Noonan confirms IBRC bondholders may be paid in 2015 - Doherty

3 December, 2014 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said Minister Michael Noonan has refused to rule out junior bondholders being paid as part of the IBRC liquidation process.

Speaking in the Dáil following questions to the Minister Deputy Doherty said:

“Today’s refusal by the Minister to rule out payments to junior bondholders at IBRC next year is a far cry from what was suggested on Prom Night. Then we were told bondholders would not gain.

“The banks that make up IBRC, Anglo Irish and Irish Nationwide cost the Irish people €35bn. The effects of that rescue are still being felt across the State. Now we are told that next year, as Water Charges start arriving, that bondholders may still be in line for a pay-out. That fact will not go unnoticed.

“The news of this possible pay-out reminds us that the government in its Prom Night theatrics did not wind down the debt – it just wound down the bank. The Irish people will be paying for this debt for another forty years.  

“The stain that is Anglo Irish and Irish Nationwide remains on our balance sheet while the bondholders are still likely to profit from the people’s suffering. The handling of the IBRC situation by Minister Noonan has made it likely, that seven years after Anglo collapsed, he will be the Minister that oversees yet more millions of the State’s money being handed over to bondholders.”

Connect with Sinn Féin