Monday 7 November 2011

The Dirty Dozen w/e Nov 13th 2011

Great effort nationwide to highlight the billion-dollar Anglo bond last week but all gone to waste if we don't continue to shine a light on the fact that this was just one of a continuing series of bonds; starting with a €5bn BoI unsecured bond today (Monday), from here to the end of the year another 15 bonds, all smaller yes but all add up to more than was paid out last Tuesday, to a whopping €787,000,000 in fact. Next year 88 individual bonds for a total of over €19bn, while Irish families suffer torture by a thousand cuts, another €3.8bn of pain in Budget 2012.
It's wrong, plain wrong, that these failed private bonds are paid in full, plus their full 'coupon' (bond interest), while we are asked to suffer cut after cut. 'Moral hazard' me arse - why does no-one ever talk about it as applied to those financial institutions who made those bad investments and aren't made to pay the price, but are protected by the ECB?
Anyway, here they are, the next 'Dirty Dozen'.

1 comment:

  1. Hi Diarmuid

    Do you know if any of these payments can be challenged legally?

    Does anyone know if there could be a constitutional reason to challenge promises to pay these bonds?