The Dirty Dozen - w/e Sep 18th 2011

At a time when we're reading about all the upcoming cuts proposed for Budget 2012, the proposed stealth taxes and levies, if this doesn't stir the blood nothing will. €1.5bn senior unsecured due next Thursday, and will be paid; think of the number of small businesses whose viability that could secure if AIB were instead to put that money into circulation. But it won't; money goes to pay off a failed bond, money our government - that's us - 'injected' into AIB only a few weeks ago.

Changing the format this week; on the basis that's what gone is gone, the Dirty Dozen will in future be the next 12 bonds due to 'mature', the next bond being the one highlighted in red.