Brian Lenihan And The Bondholders: The Shameless Flip-Flop

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“It’s unthinkable that Ireland would default on senior debt or that Ireland’s banks would default on senior debt”

Brian Lenihan, September 22 (Reuters)

“Much has been said about senior debt obligations in Anglo Irish Bank. The position is that senior debt obligations rank equally with deposits and other creditors under Irish law. I have no plans to change this position.”

Brian Lenihan, September 30 (Minister’s Statement on Banking)

“I know that there is keen debate about the position of senior bond holders. The Government has made its position clear on this matter and it does not intend to impose losses on senior bond holders. However, this does not rule out the possibility of some negotiations or a liability management exercise agreed by consent.”

Matthew Elderfield, October 6 (Opening Statement)

“Brian Lenihan, Ireland’s finance minister, told the Financial Times while on a roadshow in New York that he still opposed senior debtholders having to accept any losses as part of the €50bn (£43.7bn) bail-out announced two weeks ago . But if Anglo Irish Bank and Irish Nationwide building society wanted to enter into “amicable discussions” with senior debtholders he would back the talks.”

Financial Times, October 12

“Can there be discussions between banks and senior bondholders for mutual advantage? Of course there can be . . . [I would encourage them] if it is for mutual advantage, yes.”

Brian Lenihan, October 12

Eamon McCann On Lenihan’s Business Acumen (Belfast Telegraph)

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