Bondholders lobby Ireland over haircuts

first_img A GROUP of subordinate bondholders in Allied Irish, Anglo Irish and Bank of Ireland will lobby the Irish government to try to cap their losses.They have hired powerful US law firm Bingham McCutchen to represent their views to the government, although a source close to the group played down the threat of litigation last night.The government signaled last month that the restructuring of subordinated bank debt already being implemented by nationalised lender Anglo Irish – known as a “haircut” – could be replicated across the sector.The group says this could have an adverse affect on Irish bonds and slow the country’s recovery.One group member City A.M. the process is “out of control” and that the effect on capital markets could be “catastrophic”.The group is also worried new legislation being discussed in Europe to force bondholders to take a hit when banks are bailed out could be retrospectively applied to them.Finance minister Brian Lenihan announced that senior bondholders will not be forced to shoulder the cost of the Irish bailout. He said in his budget statement there “is a limit to burden sharing”. Bondholders lobby Ireland over haircuts Tuesday 7 December 2010 9:01 pm Show Comments ▼ KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutecenter_img Share Tags: NULL whatsapp Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof whatsapplast_img

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