Paying €700 Million of Public Money to Cover Private Losses in Anglo

Tomorrow, the government will hand €700 million of public money to unsecured investors in Anglo.


This is the text of an email I sent t our public representatives using

You can do the same.

I am an Irish citizen, a taxpayer and a voter.  I want you to know that I consider the payment of €700 million to unsecured Anglo bondholders a disgrace.  This debt was incurred in the course of a private transaction and it should be left in the private sector where it belongs.

These debtors are unsecured and there is no logic or morality in the Irish government underwriting their losses while at the same time inflicting austerity on citizens of this country.

I am asking you to do all you can to prevent payment of this money.  There is no justification for it.

30,000 mails have already been sent. Let’s make it 50,000 by lunchtime and 250,000 by midnight.

23 thoughts on “Paying €700 Million of Public Money to Cover Private Losses in Anglo

  1. Done also, But to what end, I wasn’t aware of this until yesterday, How did this nugget remain out of the news until the lest minute,
    The shinners are the only party to jump up and down about this, why do I find myself aligned with that shower more often of late?

  2. I got a auto reply from my email from – Noonan, Michael

    Happy days. My email will be passed along to Michael one of the days.. any day now.

    ‘ I acknowledge receipt of your email.
    Your correspondence will be brought to the attention of Mr. Michael Noonan TD, Minister for Finance and to the relevant officials in the Department.
    If the content of your correspondence relates to the functions of the Minister for Public Expenditure and Reform, Mr Brendan Howlin TD, it will be brought to his attention.
    Yours sincerely
    Sean Kinsella
    Private Secretary to the Minister for Finance.
    Mise le meas,
    Takin it up the arsh..
    Seán Ó Cinseallach
    Rúnaí Príomháideach an Aire Airgeadais

    That’s handy as I said in my text, ‘Michael Noonan please grow a pair, soon.. etc etc Ye useless shower of incompetents etc.’

  3. Done with gusto! If this goes ahead, it should be long remembered, and oft recalled.
    Hold ’em to account, the frackers!

  4. Imagine my surprise when, minutes after I’d submitted my comment, through, to the Ministry of Finance, an email arrived from Michael Noonan himself!! “Such dedication to duty!”, I thought. “Who would have thought he’d be up and attem at half three in the morning!”.
    Disappointingly, it was signed by Sean Kinsella, his Private Secretary. Still an’all, good to know we now have a government with such a great work ethic! Refreshing. He must have been watching the screen at the time!!
    Hope he gets some sleep–almost time to get up. Or maybe he works shifts. Anyway, thanks Sean!!

  5. This debt was incurred in the course of a private transaction and it should be left in the private sector where it belongs.

    These debtors are unsecured and there is no logic or morality in the Irish government underwriting their losses while at the same time inflicting austerity on citizens of this country.

    How do you know this? How do you know the real story behind these bonds and why the Irish state has to pay them? We haven’t been told the full story and in fact, the majority of the people don’t want to be told the story, or at least don’t want bankers to be forced to tell the story.

  6. These bonds were 8ssued by a private bank. That makes them private debt.

    If you have the full story, here’s your chance to tell it.

  7. How come these bondholders who are the recipients of the Irish taxpayers largesse are known to everybody except Enda Kenny?

  8. Lehihan said once the bondholders were old grannies around the country. And we couldn’t be leaving them starving and in the cold with no pensions, that they had saved for for years.

    There’s some wealthy fucking grannies around anyways.

    I was reading somewhere that these bonds were bought up by Hedge Fund companies for 20-30 cents on the euro, and they’re now getting back 100%.
    The Hedge fund industry is worth a couple of trillion USD as far as I know.

    Fascinating article here on some Hedge Fund strategies.
    Basically betting on defaults.

    ‘Excerpted from The Big Short’ by Michael Lewis. He has a whole chapter on the Irish in this latest book ‘Boomerang’
    All his clarifications on pronunciations are wrong though.
    E.g; ‘The Doyle’.. ha.

    I’d imagine there’s some investors who can’t believe their luck with our stupidity. We’re being enslaved for generations with these unnecessary bailouts.

  9. Don’t blame the Hedge Funds.
    They didn’t make the loans or enforce the payment. They just made the bet that we had freely chosen to elect fools who were corrupt enough or stupid enough to pay them back.
    It turns out they were right.

  10. Also sent. So far i’ve had replies from:
    Finian McGrath
    Pearse Doherty
    Joan Collins
    Jimmy Harte
    Noel Coonan
    Barry Cowen
    Tom Hayes.
    Well at least they can all say they’re doing they’re jobs and communicating with the electorate!

  11. Interesting reply from a Fine Gael TD. (Sinn Fein relies also. And FF blaming FG!)

    “Thank you for your query regarding Irish Bank Resolution Corporation (IBRC), formerly known as Anglo Irish Bank.

    I’d like to state that the obligation on the State to redeem bank bonds arises from the decision of the previous Government to guarantee bank debt under the terms of the guarantee from the 29th of September 2008. More specifically, the obligation on the Government to redeem unguaranteed bondholders in Anglo Irish Bank arises from the previous Government’s decision to subsequently nationalise Anglo Irish Bank thereby taking on the responsibility not only for all of its assets but also all of its liabilities.

    The Minister for Finance has set out the Government position on this issue on numerous occasions. The Minister met with ECB President Trichet on the 17th of September to discuss this specific issue. During the meeting Mr. Trichet voiced his opinion that he is against such action for two reasons:

    1. Private sector involvement in Greece had a very quick knock on effect into Italy and Spain and private sector involvement didn’t seem to be the way forward if you were trying to encourage the markets.
    2. He also added that Ireland had done particularly well over the summer. He mentioned the narrowing of the bond spreads and he said he felt that anything to do with the burden sharing might knock to the confidence of the market and the spreads would go back out again and that we might lose the ground we had gained.

    The Government and the Minister have always set out that burden sharing with senior bondholders in the former Anglo Irish Bank and Irish Nationwide would only occur with the agreement of the ECB. What is clear from our meeting with Mr. Trichet in September is that the ECB would not favour such an agreement.

    The redemption of this specific bond is a matter for IBRC (formerly Anglo Irish Bank) as the redemption of the bond will be made by IBRC and will not be funded by the exchequer. It should be noted that IBRC has recently announced that sale of its $9.2 billion US loan book has begun and that approximately $3.5 billion has transferred to buyers. The money from the sale will allow the Bank to repay these guaranteed bonds and will also allow the Bank to reduce its borrowing, including Emergency Liquidity Assistance (ELA) from the Irish Central Bank.

    The Government has made clear that technical discussions are underway with our European partners to find the most cost effective way of resolving the promissory notes that were the means by which the previous Government recapitalised Anglo Irish Bank.

    Through a long negotiating process to the end of July, the Government has successfully reduced the interest costs on the funds that we are borrowing from the EU and IMF by €10 billion over the lifetime of these loans. The value of the support that we are receiving from our European partners now and in the future far outweighs any short term gain from imposing burden sharing on these senior bonds.

    This support allows us to pay for essential public services for citizens, including amongst others pensions, social welfare, education and health. In 2011, we will borrow over €15 billion to pay for these essential services.

    I hope this response has addressed some of the issues you have raised and I thank you for your communication.”

    Daddy said no and little Michael did what he was told.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.