SENIOR UNSECURED BONDS PAID SINCE MAY 2011

It's been a while since I've posted anything on this blog but a few questions have come up lately, most notably on the amount our banks have paid out in senior unsecured bonds since this government came to power. 

The numbers on this blog are based on a bond list for all Irish banks but originates only in early May 2011, two months after Kenny & Co took over the reins of government.

These are the numbers for the various banks from that date to the end of 2014 - of course Anglo and Irish Nationwide have since been wound up but had this happened when it SHOULD have happened, back in 2010, then we'd have saved ourselves at least the amount shown here. The real savings of course would have been a hell of a lot more, the €31.9bn for which our children will be paying for decades, thanks to Michael Noonan's Promissory Note sellout - more on that here.

SENIOR UNSECURED BONDS SUMMARY - MAY 2011 to DEC 31st 2014

BOI	€4,441,400,689
AIB	€5,799,584,492
EBS	€388,243,209
INBS	€626,900,000
ANGLO	€2,743,105,552
IL&P	€317,743,055
TOTAL	€14,316,976,996

THE DIRTY DOZEN w/e Jan 19th 2014

First post of the new year on this blog so here's wishing all a happy and healthy year ahead.

No such wishes needed for the bondholders in Irish banks, they've already had their bounty and are still in receipt of same. You remember of course the pride and satisfaction with which it was announced in the last week or so that Bank of Ireland had issued senior unsecured bonds that were oversubscribed? Yet no-one paused to point out the obvious - in Irish banks, there is no such thing as a senior unsecured bond. All are paid, period.

And so it continues. Since this government came to office Irish banks have paid out over €40bn in bonds, nearly €14bn of that senior unsecured. Have a look at the next 12 and weep.