By Namawinelake
In the immortal words of Ray Burke commenting on a chance of a receipt for an alleged bung, “is it f*ck” but as fantastical as it may seem, it might be the logical conclusion of taking account of the sums paid to senior bondholders in the bailed-out banks together with the comments ascribed to ECB president Mario Draghi in the Wall Street Journal yesterday.
In April 2012, Minister for Finance Michael Noonan in response to a question from the Fianna Fail finance spokesperson Michael McGrath confirmed that between 30th September 2008 when the bank guarantee was introduced and April 2012, a total of €103.7bn has been paid to senior bondholders in the state-guaranteed banks, comprising €33.1bn to “secured” bondholders and €70.6bn to “unsecured” bondholders. And analysed by bank – €32.5bn was paid by AIB/EBS, €35.7bn was paid by Bank of Ireland, €10bn was paid by Irish Life and Permanent and €25.5bn was paid by IBRC. To date, the State has injected €64.1bn into these four banks and in addition, NAMA has paid €5.6bn in state aid for the acquisition of loans, which represents a premium over what the loans were worth on the open market.
full article at source: http://namawinelake.wordpress.com/2012/07/16/is-ireland-in-line-for-e100bn-refund-after-ecb-changes-stance-on-bondholders/
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