The Irish Government is to propose liquidating the IBRC, formerly
The main point of this is to cease the annual €3.1bn payment of interest on the €28bn promissory note used to bail out the world's most evil bank (excluding all the Swiss ones). A more long term bond will come into play and payments will be made back more gradually over a longer period of time.
RTE have the story here. With additional reports from Bloomberg and Reuters.
Minister Noonan is expected to make a speech in the Dáil at 9pm this evening.
This still poses several questions:
- How long has this been Plan B for the government after their initial proposal to park the interest for 15 years was shot down ?
- Were the ECB expecting this ?
- Will this have any effect on Irish bonds ?
- What kind of timeline on interest payments can we now expect ?
- What's a Magdalene laundry ?
*= by which I mean unclear, confusing and technical.