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A PAPER DETAILING how Ireland can reduce the size of the current bill payable because of promissory notes at the now-defunct Anglo Irish Bank and Irish Nationwide Building Society is due to be published by March.
A spokesperson for the Department of Finance told TheJournal.ie that although no definite timeline has been decided upon, significant progress has been made in the past weeks with the Troika.
The common paper will provide details on how to find a “less expensive solution” to the current payment scheme.
“The current promissory note arrangement is a very expensive arrangement for the Irish taxpayer,” the Department of Finance said in a statement. “We are in the process of exploring arrangements with the Troika to re-engineer the notes to find a less expensive solution.”
Asked about weekend reports that the State wants to defer €31 billion of Anglo loads for up to 10 years, the spokesperson said the Department was not in a position to comment on what any proposed arrangement will look like.
“This is a medium term strategy and work is ongoing on the issue,” he said.
The Government is in discussions with the European Central Bank, European Commission and International Monetary Fund to reduce the cost of promissory notes which were issued instead of cash to facilitate the wind down of Anglo.
Complicated versions of IOUs, the so-called promissory notes will cost the State more than €3 billion plus interest every year for the next 15 years.
The Sunday Times also reported that the Government also wants the European Financial Stability Fund to take over the notes, thereby lessening the rate of interest by a massive 7.6 per cent.
The report comes just days after the Government paid €1.25 billion to senior, unsecured bondholders in Anglo Irish Bank.
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3 billion per year for 15 years in interest alone?????? on unsecured bonds????? without even putting a dent in the capital???? Defer 31 billion in unsecured loans for ten years???? Surely this is gone beyond the proverbial joke — So Kenny wants to enslave your children as well as you????? I can feel my post-colonial inferiority complex returning……. unless… unless… nah impossible the Irish are already defeated… horsewhipped by their own gombeens. For nigh on 800 years Irish babies were born into penury…. I suppose when it boils down to it we are not fit for independence…… unless…. nah been there, that’s not going to happen!
Tell You What You Can Do With That Ponzi Criminal Bank Debt!!!
Shove It!!!!!!
It will prob appear a week before any proposed referendum might take place to try and sweeten a bitter pill.
Any like all pre election promises it will disappear in days after vote
The true title should Read ” the Irish people are WORKING very hard to pay anglo Irish bank debt” while the heads if state feel no austerity pains”
My understanding from the media is that most or all of this debt is owed to the central bank of Ireland for funds supplied to Anglo. These funds were seignioraged by the CBoI (created out of thin air).
If this is correct, can this debt be returned to thin air?
Why is the CBoI levying onerous interest rates on the hardpressed taxpayer for debts we should not be liable for?
wot??? Are you serious? Where did you hear.that?
thanks sean, will have a read through that later. And as eloquently as I can put it….. FFS!!! ARGHHHH.
Read it and all I can say is SERIOUSLY WTF?? this gets more and more insane every day.
Lunatics are running the asylum Niamh!
“The modern banking process manufactures currency out of nothing. The process is perhaps the most astounding piece of slight hand that was ever invented…If you want to be slaves of the bankers, and pay the cost of your own slavery, then let the banks create currency”.
- Lord Josiah Stemp, Former Director of the Bank of England (1937)
Scan the bill, upload to pc, reduce size of bill using zoom out, print, = bill reduced in size, Reverse austerity measures, problem solved. Happy Days.
If only :)
This is a load of crap. All the ecb/central bank has to do is print the 30 billion. No one is owed this money it is all a paper transaction. It’s not going to stoke inflation as the money is going back to the central bank. As a part owner of the euro this is the least we can expect.
AFAIK the CBoI had to borrow the funds from the ECB. This is the real killer though as trying to pay this back will mean austerity for more years then I care to think about. BTW I reckon that if I had got a € for everytime this change is mentioned I’d be rich by now. A lot of talk about this but very little concrete action. Seems to have replace FG’s mantra of not a cent more……
Leo was correct about not a cent more 3.1 billion for 12? Years is not a cent so in Leo logic he was correct
This prob makes about as much sense as Leo
Next thing Leo will try to ban all media websites like this as he would deem them “undemocratic”. Regarding the IOUs – thank u FF & Co for that. I hope yer next sh*te is a cactus.
… and the ECB loaned the funds with money made out of thin air.
What a joke! .Anglo and the Government could have recouped billions for the taxpayers if they had not unjustly and inappropriately discarded a proposal for Sean Quinn to repay all monies, retain all 8000 jobs in the Quinn Group and create 1800 additional jobs.
Instead, they chose a sellout of the QUinn Group that will not recoup one cent for the Irish people, will facilitated the loss of thousands of jobs and all this was done for the enormous benefit of foreign banks and bondholders.
And to add insult to injury the taxpayers are forced to fund the legal costs of Anglo in futile legal actions and enormous PR costs in ANglo propaganda to fool us. On top of all that, we will probably end up being billed for the mother of all tribunals to get to the bottom of this scandal that was facilitated by our Government.
Quinn was a greedy fool for whom enough was never enough.
@ Norman Hunter
Enough Jobs???
In Total
8000 Jobs to be precise
Plus indirect jobs
How many did you create??
Or plan to create??
Hello Spruiker, you have a much better understanding of the Quinn situation than the sheep who are falling for the Anglo and Gov. propaganda that the taxpayers are being forced to pay for.
See Quinn-Anglo-Story blog
Norman do you actually know ANYTHING about the Quinn – Anglo story? Perhaps you should visit
http://www.quinn-anglo-story-blogspot.com and do a little bit or reading of the truth for a change. Have you ever visited Teemore, Derrylin? Are you aware of the amount of jobs which were created directly and indirectly? Do you know how much Quinn Insurance was sold for to Liberty? Are you aware €500,000 tax payers money was squandered by Anglo contesting the Bankruptcy in North of Ireland? I haven’t time to ask all the questions tonight!
Do the Germans remember when they were laden with war reparations from WW1&WW2. The burden was too much that Hitler cam to power and defaulted on payments. With WW2 they got a Marshall plan to rebuild their country plus given nearly 60 years to pay their debts. What if the Allies decided on no Marshall plan?Short memories.
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