Jennifer Banks 0

Name the Billion Dollar Bondholders

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On November 2nd 2011, next Wednesday, a $1,000,000,000 bond comes due at Anglo Irish Bank. This bond is unsecured, unguaranteed, a bond we have absolutely no obligation to pay, from a bank described by Minister Michael Noonan in an RTE interview only last June in the following terms: “Look, it’s no longer a bank. Anglo is now merged with Irish Nationwide. It’s a warehouse for impaired assets. Its deposit base has been moved out into the pillar banks. And it doesn’t work as a bank anymore. You can’t put your money on deposit in Anglo Irish. You can’t get a loan from Anglo Irish. So the only thing that gives it the name of a bank is because it has a banking license. It needs the banking license to access the monies from the Central Bank. So I said that as far as I am concerned, this is not a real bank. This is a warehouse, and we need your assistance in dealing with the senior bond holders because we don’t think the Irish taxpayer should have to redeem what has become speculative investment.”

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