The government has tried to hold the line that senior bondholders must be paid in full. That line may not be sustainable for much longer.
Financial Regulator Matthew Elderfield has told a Dáil committee that the Government could enter negotiations with senior bondholders to share some of the cost of the bank bailout.
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When do the negotiations begin? And how much has been returned to senior bondholders at a wasteful 100% return rate so far?