Despite statements to the contrary recently made by Minister for Finance Michael Noonan, the Taoiseach has today said that he cannot see ‘any reason to pay back junior Anglo bondholders.’
Yesterday, the Tánaiste also said that no payments would be made to junior bondholders in the liquidation process.
The Taoiseach said “I do not see any circumstances – any circumstances – in which junior bondholders will be paid out of the liquidation of IBRC [Irish Bank Resolution Corporation.”
These populist comments come at a time when the Government’s support rating has sunk to a fathomless depth. Thus, it is easy to see how they would come out with something like this, something that would strike a familiar chord with the electorate and make them think the Government are doing the right thing.
After so many broken election promises and u-turns, it is somewhat difficult to grant credibility to what the Government say.