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Thread: Lenihan confirms to Burton: bulk of Anglo bondholders have already been bailed out

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    Default Lenihan confirms to Burton: bulk of Anglo bondholders have already been bailed out

    Labour's Finance Spokesman Joan Burton has received a reply to a written parliamentary question to the Minister for Finance Brian Lenihan TD. The reply confirms to her that the bulk of Anglo Irish bondholders have already been bailed out.

    The reply to Deputy Burton confirms that only €4bn of senior Anglo bonds, and €2.4bn of the subordinate debt remain which are not guaranteed by taxpayers.

    The disclosures in this reply will greatly add to the public anger at the huge financial millstone that Fianna Fail has placed around the necks of successive generations of Irish taxpayers.
    - Joan Burton TD

    DÁIL QUESTION

    NO 224

    To ask the Minister for Finance the amount of senior and subordinated bonds outstanding in Anglo Irish Bank as at 29 September 2008; the amount of senior and subordinated bonds outstanding in Anglo Irish Bank as at 30 September 2008 which were covered by the Government guarantee; the amount of senior and subordinated bonds in Anglo Irish Bank which matured between 30 September 2008 and 29 September 2010 and since 29 September 2010; the amount of senior and subordinated bonds in Anglo Irish Bank bought back by the bank, and the capital gain registered as a result between 30 September 2008 and 29 September 2010 and since 29 September 2010; the amount of senior and subordinated bonds currently outstanding in Anglo Irish Bank covered by the eligible liabilities guarantee and outside the scope of the eligible liabilities guarantee; and if he will make a statement on the matter.

    - Joan Burton.
    * For WRITTEN answer on Wednesday, 27th October, 2010.
    Ref No: 39395/10

    REPLY


    Minister for Finance ( Mr Lenihan) : The information required by the Deputy is set out in the tables following:
    Code:
    1. The amount of Senior and Subordinated Bonds outstanding as at 
    29 September 2008: 
    
    Debt			Amount
    Senior Bonds:		€10,770,669,707
    UK Covered Bonds:       €1,512,660,000
    Subordinated Debt:      €4,791,653,500
    Code:
    2. The amount of Senior and Subordinated Bonds outstanding as at 
    30 September 2008 which were covered by the government guarantee: 
    
    Debt			Amount
    Senior Bonds:		€10,763,531,707  
    UK Covered Bonds:       €1,512,660,000
    Subordinated Debt:      €2,108,760,000
    Code:
    3. The amount of Senior and Subordinated Bonds which matured between 
    30 September 2008 and 29 September 2010: 
    
    Debt			Amount
    Senior Unsecured Debt:	€14.6bn
    Subordinated Debt:     	€0
    Code:
    4. The amount of Senior and Subordinated Bonds that have matured since 
    29 September 2010: 
    
    Debt			Amount
    Senior Unsecured Debt:	€91m
    Subordinated Debt:     	€0
    Code:
    5. The amount of Senior and Subordinated Bonds bought-back by the Bank 
    and the associated capital gain(s) for the period 
    of 30 September 2008 – 29 September 2010: 
    
    Debt			Amount		Gain
    Senior Unsecured Debt	€177.6 m	€6 m
    Subordinated Debt	€2.45bn		€1,752 m
    Code:
    6. The amount of Senior and Subordinated Bonds that have been bought-back 
    by the Bank and the associated capital gain(s) for the 
    period commencing 29 September 2010: 
    
    There has been no buy back of either senior or subordinated bonds in 
    this period.
    Code:
    7. The amount of Senior and Subordinated Bonds currently outstanding in the 
    Bank that are covered by the ELG scheme: 
    
    Debt			Amount
    Senior Unsecured Debt:	€2.68bn  
    Subordinated Debt:      €0
    Code:
    8. The amount of Senior and Subordinated Bonds currently outstanding in the 
    Bank that are not covered by the ELG scheme: 
    
    Debt			Amount
    Senior Unsecured Debt:	€4.00bn
    Subordinated Debt:      €2.36bn
    Notes:
    • Subordinated Debt can not be guaranteed under the ELG Scheme.
    • The bank has recently launched a liability management exercise in relation to its subordinated debt.
    • Unless stated otherwise, exchange rates as of 21 October 2011 have been used in order to provide a corresponding euro equivalent.

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    Politics.ie Member Goldencircle's Avatar
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    Complete disgrace, a mixture of treachery and stupidity.
    The history books will not look favourably on Brain Lenihan.
    Its either Corruption or Stupidity

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    Politics.ie Member Asparagus's Avatar
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    Did i lose a year?

    Its daylight robbery.
    Last edited by David Cochrane; 28th October 2010 at 03:20 PM. Reason: Quoting the entire OP isn't necessary - so I've removed it from your post.
    ANGER IS A POLICY, GET OFF YOUR KNEES

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    Politics.ie Member The Caped Cod's Avatar
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    Quote Originally Posted by Goldencircle View Post
    Complete disgrace, a mixture of treachery and stupidity.
    The history books will not look favourably on Brain Lenihan.
    I imagine they will, as they will most likely be printed by Folens.
    "Authority that cannot be questioned is tyranny and I will not accept tyranny, any tyranny, even that of heaven."
    - Terry Pratchett

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    Politics.ie Member nonpartyboy's Avatar
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    Hardly surprising, sure the man's a traitor or an imbecile. You decide ?

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    If they hadn't we wouldn't be allowed to borrow. Once we made the commitment, we were toast. The question is why was the original commitment made?
    Thank you for the six thousand likes.

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    Politics.ie Member Goldencircle's Avatar
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    Quote Originally Posted by The Caped Cod View Post
    I imagine they will, as they will most likely be printed by Folens.
    Regardless, the kids reading the books will still be paying for his mistakes
    Its either Corruption or Stupidity

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    Who got the other 20 billion?

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    Do you mean repaid according to guarantee, or "bailed out"? There is a difference (unless you're Brian or Constantin or Peter).

    There are enough threads on the guarantee, I'd have thought.
    Last edited by David Cochrane; 28th October 2010 at 04:09 PM. Reason: quoting the entire body of the OP is unnecessary. Removed from post.
    "All employment is outright robbery" says Cael, the voice of reason

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    Politics.ie Member Squib's Avatar
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    Quote Originally Posted by Keith-M View Post
    If they hadn't we wouldn't be allowed to borrow. Once we made the commitment, we were toast. The question is why was the original commitment made?
    Do you think we can borrow now?

    All Lenihan managed to do was to stall the dreadful day by turning a private bank's gambling debts into the Irish public's debts.

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