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Thread: Lenihan: Senior debt to be "discussed" with bondholders

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    Default Lenihan: Senior debt to be "discussed" with bondholders

    Ireland open to talks on senior debt - report | Reuters

    "Can there be discussions between banks and senior bondholders for mutual advantage? Of course there can be," Brian Lenihan told the newspaper while on a roadshow in New York.
    That's another corner turned then.

    Finally a hint that debt restructuring is on the way.

    (And if senior debt is up for discussion, the more junior variety has surely been cut into squares and hung up on a rusty nail in the outside toilet)

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    Quote Originally Posted by Outlander View Post
    Ireland open to talks on senior debt - report | Reuters



    That's another corner turned then.

    Finally a hint that debt restructuring is on the way.

    (And if senior debt is up for discussion, the more junior variety has surely been cut into squares and hung up on a rusty nail in the outside toilet)

    Lenihan has turned so many corners he has no idea which direction he is pointing. He must be getting dizzy!
    Last edited by Barnacle; 12th October 2010 at 09:59 AM. Reason: spelling

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    Politics.ie Member Nipper's Avatar
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    But Tonic told me it was impossible cos no one knows who they are!

    I just don't know who to believe anymore

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    Politics.ie Member HarshBuzz's Avatar
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    FT Alphaville presents this rather well, letting Lendahand's utter lack of consistency speak for itself:

    No doubt we will now be subjected to more Jesuitical bullsh!t about what this actually means (something along the lines of his infamous defence of his 'cheapest bailout in the world' claim)

    “It’s unthinkable that Ireland would default on senior debt or that Ireland’s banks would default on senior debt”

    “Much has been said about senior debt obligations in Anglo Irish Bank. The position is that senior debt obligations rank equally with deposits and other creditors under Irish law. I have no plans to change this position. There is, therefore, no question of seeking to impose losses on holders of such senior debt in Anglo or indeed in any other credit institution in the State through any legislative measures. Any alternative strategy as advocated by some creates a significant risk of jeopardising the banking system’s and indeed the State’s access to international debt markets and cannot be countenanced on that basis.”

    “I know that there is keen debate about the position of senior bond holders. The Government has made its position clear on this matter and it does not intend to impose losses on senior bond holders. However, this does not rule out the possibility of some negotiations or a liability management exercise agreed by consent.”

    Brian Lenihan, Ireland’s finance minister, told the Financial Times while on a roadshow in New York that he still opposed senior debtholders having to accept any losses as part of the €50bn (£43.7bn) bail-out announced two weeks ago . But if Anglo Irish Bank and Irish Nationwide building society wanted to enter into “amicable discussions” with senior debtholders he would back the talks.
    “Can there be discussions between banks and senior bondholders for mutual advantage? Of course there can be . . . [I would encourage them] if it is for mutual advantage, yes.”


    “'retail deposit flight, I don't see that as a great danger. Ireland is an island” - Brian Lenihan - to hundreds of international investors

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    Politics.ie Member ctr's Avatar
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    Quote Originally Posted by Nipper View Post
    But Tonic told me it was impossible cos no one knows who they are!

    I just don't know who to believe anymore

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    Quote Originally Posted by Nipper View Post
    But Tonic told me it was impossible cos no one knows who they are!

    I just don't know who to believe anymore
    If we don't know who they are, how do we pay them their dividend??
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    Quote Originally Posted by Nipper View Post
    But Tonic told me it was impossible cos no one knows who they are!

    I just don't know who to believe anymore
    I've long since put Tonic on ignore to save myself having to read his take on things. He is more out of touch then Fianna Fail

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    Politics.ie Member eoghanacht's Avatar
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    I wonder will they make monkey noises?

    Perhaps not, they'll just point and laugh.
    Britain operated death squads - ''97% of the Loyalists I interviewed were working directly for the State.'' - Nuala O'Loan. #FreeAhedTamimi

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    Politics.ie Member Asparagus's Avatar
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    Quote Originally Posted by DCon View Post
    If we don't know who they are, how do we pay them their dividend??
    random envelope drops - 30 minutes notice.
    ANGER IS A POLICY, GET OFF YOUR KNEES

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    Quote Originally Posted by Asparagus View Post
    random envelope drops - 30 minutes notice.
    fair enough.
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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