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Noonan needs to rule out paying IBRC bondholders – Toibín

12 March, 2015


Sinn Féin TD Peadar Toibín has said Minister Michael Noonan must rule out any payments to bondholders at IBRC as part of the liquidation process.

Deputy Toibín said:

“Today’s comments from Minister Noonan are the start of a softening up process, the end result of which will be the repayment of junior bondholders at IBRC. Other Ministers have denied this will ever happen. I note no such commitment from Minister Noonan today or in the past.

“It is good for the State if the liquidation process at IBRC, no matter how flawed, returns a profit but that must be a profit for the people, not for the bondholders. Sinn Féin first raised this issue with the Minister following a report in Bloomberg news that these speculators were to be paid hundreds of millions. He told Sinn Féin’s Pearse Doherty in the Dáil that “Should the junior bondholders submit a claim and it is found to be valid then they will be legally entitled to a dividend provided there are sufficient funds available for distribution.”

“I am calling on the Tánaiste, the Taoiseach and other Ministers who have denied that junior bondholders would be repaid, now to state that junior bondholders, vultures, will not be paid with the people’s money.”

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