Dáil debates

Wednesday, 20 October 2010

Statements re Minister for Finance's announcement on banking of 30 September 2010: Questions

 

12:00 pm

Photo of Caoimhghín Ó CaoláinCaoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

I will cite a small number of them: Alliance Global Investors France SA, Barclays Wealth Managers France, BlueBay Asset Management Ltd, BNP Paribas Asset Management, Brown, Shipley & Co Ltd, Crédit Suisse Asset Management, Deutsche Asset Management Investmentgesellschaft, European Credit Management Ltd, Frankfurt - Trust Investment, W&W Asset Management and WGZ Asset Bank Luxembourg. I understand this list of 80 contains Anglo Irish Bank bondholders and the composite figure of the face value of the bonds they hold exceeds €4 billion. Can the Minister offer further information to his reply of 18 May? Does he accept at this late stage that these are the people who should take the hit, not ordinary taxpayers? I could not pronounce most of these institutions because they are German. A reasonable question has been put to me and I now put to the Minister. Has the Irish Government been put under specific pressure in regard to bondholders vis-À-vis Anglo Irish Bank from the European Central Bank or German interests in order to protect investors in Anglo Irish Bank, the vast majority of whom are German?

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