Who Are The Bondholders

Few realise that it was in fact People For Economic Justice who uncovered the full list of bondholders of the now defunct Anglo Irish Bank.

As we are all aware, Fine Gael ran a very successful campaign during the 2011 election. This campaign ran on a platform that marshaled around one convincing and powerful phrase: “Not one more cent!”. This promise was broken in record time upon Fine Gael and Labour taking office, when the Government stated that the repayment of the bondholders was paramount to securing funding from the so-called Troika (meaning Threesome in Russian) of The European Central Bank, The European Union, and The International Monetary Fund.

This out-and-out lie was proven false almost immediately. There were NO provisions what-so-ever in Ireland’s bailout deal, which sets the requirement of the repayment of bondholders. In addition to this revelation, Enda Kenny and his cabinet stated on no uncertain terms, on more than one occasion, that not only were they planning on repaying 36 billion of the Irish taxpayers money to these bondholders, but that they did not even know who these bondholders were!

Without further ado, let People For Economic Justice clear up any confusion the Government may have about who the bondholders are.

The Bondholders

List Of The Bondholders

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Bank of Ireland Divests (Sells) 5 Billion Euros of Loans

DUBLIN (Reuters) – Bank of Ireland said it has sold or accepted repayment of 5 billion euros (4.4 billion pounds) of loans in the United States, Britain, Europe and the Middle East at a discount of around 9 percent, putting it on track meet its targets under an EU-IMF bailout.

Ireland’s government pledged to radically shrink its domestic banking sector after a disastrous binge on property loans, and Bank of Ireland, the country’s largest lender, is to sell 10 billion euros in loans and accept repayment of another 20 billion euros worth by the end of 2013.

Bank of Ireland, the only domestic lender to avoid falling into state control, said it had raised 4.54 billion euros from the sale of the loan books, a higher price than expected, meaning there was no impact on its core tier one ratio.

Bank of Ireland had a pro forma core tier one ratio, a key measure of financial strength, of 15.4 percent at the end of June.

Ireland’s banks need to shrink their loan books to reduce their dependence on emergency funding from the European Central Bank and the Irish central bank, which at the end of September stood at 153.6 billion euros.

Bank of Ireland needs to dispose of another 5 billion euros worth of loans by the end of 2013, and it said it was making good progress.

It said it was in advanced talks with potential purchasers of project finance loans.

The loans already sold include a U.S. commercial real estate portfolio valued at $1.13 billion, some 1.33 billion pounds of UK commercial property loans sold to Kennedy Wilson and institutional partners for 1.07 billion pounds, and 1.23 billion pounds of British residential mortgages sold to a unit of Britain’s Nationwide Building Society for 1.13 billion pounds.

Bank of Ireland also sold a portfolio of project finance loans with total commitments of 670 million euros to GE Energy Financial Services . The loans relate to a portfolio of energy assets across North America, the UK, continental Europe and the Middle East.

Source: http://www.reuters.com

Report Offers Help To In Debt Homeowners

Hopes of a comprehensive plan to help thousands struggling to meet mortgage repayment debts will be dashed by a report to be discussed by the Cabinet today.

It will merely recommend a small level of debt forgiveness in extremely limited circumstances.

The report, which is headed by Department of Finance official Declan Keane and made up of representatives from a number of government departments, will not recommend any mass debt forgiveness scheme.

It will call for mortgage lenders to fund the recruitment of around 100 financial advisers to offer a debt support service to those at risk of losing their homes.

Another recommendation is that local authorities and charities should buy the homes of those in hopeless mortgage arrears. The properties would then be rented back to those forced to give up ownership of their houses.

The new group of financial advisers would work alongside the existing Money Advice and Budgeting Service.

But the report will suggest that there should be a new system, outside the courts, to allow those who are over-burdened with debts to have some of their bills written off.

This is expected to lead to a limited form of debt forgiveness where those who have their houses repossessed, or hand over the keys, are able to have the balance that they still owe formally written off.

This is already happening on an informal basis.

Source: http://www.independent.ie