Monday 13 January 2014

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.