23 thoughts on “How Much Are We Giving UNSECURED AIB Bondholders Today?

  1. D

    They are senior bonds, they have the same rights in the capital structure as depositors from what I can remember. I’ve no problem with these not getting repaid but then depositors should lose out too.

    1. Rumpleforeskin

      ” in the 2008 Washington Mutual Bank seizure, all assets and most (including deposits, covered bonds, and other secured debt) of Washington Mutual Bank’s liabilities were assumed by JPMorgan Chase. However other debt claims, including unsecured senior debt, were not.[1] By doing this, the FDIC effectively subordinated the unsecured senior debt to depositors, thereby fully protecting depositors while also eliminating any potential deposit insurance liability to the FDIC itself.”

  2. Zubeneschamali

    Today the Government takes a pile of money the Troika gave us and gives it to the people the Troika told them to give it to.

  3. James van der Kamp

    “Always remember that there is an alternative. Labour’s way or Frankfurt’s way and you get to make that choice”

    1. Eoin

      But we didn’t vote Labour in to government – they are a minority partner. Blame the people that voted for FG.

  4. bisted

    …just askin’…aren’t these bonds traded…..wouldn’t they have been a great buy if you bought them at a huge discount in the certain knowledge ( against all logic) that they would be paid in full on maturity. Surely, we can find out who these financial wizards are?

    1. D

      They probably never traded a a huge discount to par. Senior debt is like a deposit. Pretty secure in the capital structure.

      1. bisted

        …thanks…though I’m not sure I understand…what I do understand is that where there is secrecy there is potential for insider dealing and fraud…NAMA springs to mind.

        1. D

          There’s never full transparency on who owns things like equities. Only when someone owns a stake above a certain size. There would be a register of these bond holders though, that’s how they’d know where to pay out the principal to.

  5. Seanny

    Can you beleive what we`re letting happen here guys. Check out the Spanish and the Greeks………………. Fighting Irish spirit my hole…

  6. Zynks

    I followed up and wrote to the minister. Of course it is useless, but at least I registered my opposition to the payment…

  7. pearch

    If these bond holders had read the small print on the documents they signed when taking out the bonds they would have seen ” the value of your investment can fall as well as rise” and they must know that there was a risk involved.

    If they got in and got burnt its” caveat emptor” like it is for everyone else.

  8. binbon

    Can we ask the Finance Minister to confirm who these bondholders are?!
    From Politcs.ie website:

    Roman ABRAMOVICH is a confirmed bondholder in Irish Nationwide Building Society. In August 2009 he bought through Millhouse Capital an unspecified amount of the £126m in subordinated bonds issued by INBS.

    We are scrimping and saving to pay back BILLIONAIRES

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