Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

I will conclude by referring to the issue of burden-sharing with creditors. This takes us beyond the mandate of Mr. Nyberg's report, which was up to January 2009, but I am interested in his opinion. Shareholders in the banks lost everything, as has been referred to, depositors were fully protected, junior bondholders lost about €15 billion up to the present position in respect of burden-sharing, but senior bondholders were repaid in full. At the end of the original bank guarantee in September 2010, just over €20 billion of senior bonds came out of guarantee, and they were unsecured as well. Almost €5 billion of those bonds related to the old Anglo Irish Bank and Irish Nationwide Building Society. Does Mr. Nyberg believe there should have been greater burden-sharing with senior bondholders? Why does he think that did not happen?