Noonan1You’ll recall Bank of Ireland and AIB’s debt writedown worth almost €140million for Independent News and Media, 30% of which is owned by Denis O’Brien.

And AIB’s apparent €10million writedown for Thomas Crosbie Holdings.

Namawinelake writes:

“In the Dáil this week, the Minister for Finance Michael Noonan was questioned about the writedowns. The response was curt – “due to data protection rules and customer confidentiality the banks are not in a position to discuss details of individual customer circumstances”

“Alas, data protection won’t save the humiliation of those named-and-shamed on the new personal insolvency register.

“The parliamentary questions and response are here:

“Deputy Pearse Doherty: To ask the Minister for Finance if he will confirm theamount of debt forgiveness that will be provided by Allied Irish Bank to Independent News and Media as part of the latter firm’s recently announced reorganisation plans.

“Deputy Luke ‘Ming’ Flanagan: To ask the Minister for Finance if he will state, in both absolute and percentage terms, the amount of the debt being written down by wholly and partly State owned lending institutions for Thomas Crosbie Holdings Ltd. and Independent News and Media Ltd; and if he will make a statement on the matter.

“Deputy Luke ‘Ming’ Flanagan: To ask the Minister for Finance the percentage stake the State will now hold through Allied Irish Banks and Bank of Ireland in Independent News and Media Ltd. as a result of the debt for equity swop to facilitate the write down of INM Ltd. debt; and if he will make a statement on the matter.”

“Minister for Finance, Michael Noonan: I propose to answer questions 132, 150 and 152 together.”

I have been informed that due to data protection rules and customer confidentiality the banks are not in a position to discuss details of individual customer circumstances.”

.

Ah yeah.

Sure what else would he say.

Debt forgiveness by state-banks to billionaires and merchant princes is secret, says Minister Noonan (Namawinelake)

Previously: This Is How Rumours Start

A €140 Million Write-off From Bank Of Ireland And AIB

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