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A press release was sent to media outlets this evening regarding tomorrow's payment of over €700 million to Anglo Irish Bank bondholders. The release sets out Mick's thoughts on this payment.

The Government should suspend tomorrow’s scheduled repayment of a €715 million (USD 1 billion) unsecured Anglo Irish Bank bond. It should immediately enter into negotiations with both the Central Bank of Ireland and the ECB to achieve a debt write-down, Wexford TD Mick Wallace has said.

Unless the Government acts now, €715 million will be paid out tomorrow (November 2nd) to senior unsecured bondholders in an institution which, as Minister Noonan acknowledges, is no longer a bank and will never again operate as such.

“The logic of paying unsecured bondholders was always questionable, now it has become ridiculous. The notion that the Irish Government would part with over €700 million to pay someone who should not be paid is difficult to deal with. This is a Government decision and the cost is being borne by cutting much-needed SNAs in primary schools along with teaching support for marginalised groups. Hospitals beds are being closed to meet budget targets and the same Government is now considering introducing a thin end of the wedge household tax on already hard-pressed households”, said Deputy Wallace.

Tomorrow’s bond is not covered by any of the guarantee schemes operated by the Irish Government, nor is there any obligation under the terms of the Memorandum of Understanding with the IMF/EU/ECB to repay bondholders. The repayment of this bond is, therefore, a political choice.

The austerity coming down the tracks in the form of the Comprehensive Spending Review, the Four-Year Plan, and Budget 2012 will be used in part to repay obscene amounts of money to unsecured unguaranteed bondholders – this is a social and moral outrage.

Commenting on recent developments in the Eurozone Deputy Wallace said, “We have just seen holders of Greek sovereign bonds receive a 50 per cent cut - and they'll be glad to get it, if they do. Despite much talk to the contrary, the dogs in the street knew it would happen. And there's more coming. We will soon reach a stage where Europe will take on the sovereign problems of struggling Euro member states, as well as its banking problems. It's time the Irish Government stood up for itself, stopped bending over backwards to prove how good we can be, while forcing the most vulnerable to carry the can. We seem to be consistently behind the curve, it is time to wise up”.


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Namaleaks is a project that seeks to uncover possible injustice and poor practice related to NAMA (National Asset Management Agency) and financial institutions in Ireland.


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