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THE CHIEF NEGOTIATOR for the International Monetary Fund (IMF) has said that his organisation told the Irish Government it was in favour of burning senior bondholders at the time of the bailout.
Ajai Chopra, speaking tonight in an exclusive interview on the RTÉ Prime Time special: The Bailout, said:
We looked at the matter… of how burden sharing should be done and if certain conditions were (met), we thought sharing the burden with unsecured senior creditors of banks was an option that ought to be explored.
In June of this year, current Finance Minister Michael Noonan had threatened to impose losses on some senior bondholders, at Anglo Irish Bank and the Irish Nationwide Building Society, to the tune of €3.5bn. He said at the time that the IMF supported the strategy.
Chopra’s interview tonight with Prime Time’s Robert Shortt shows that the IMF had been advising that strategy of imposing such a haircut on bondholders as far back as last year, when Ireland had to seek a bailout from the EU/IMF/ECB troika. The late Brian Lenihan was Finance Minister during those discussions. (Noonan said in the Dáil this month that Fine Gael never promised unilaterally that it would burn senior bondholders).
However, the European Central Bank is known to be still firmly against such a course of action. Noonan told the Dáil on 15 November that the ECB would need to approve burning senior bondholders at the financial institutions and that “the ECB’s consent was not forthcoming”. One of Brian Lenihan’s economic advisors, Alan Ahearne, and EC bailout negotiator István Pál Székely both confirmed last night that the ECB had been against burning bondholders in November 2010.
The Prime Time programme also reported that US Secretary of the Treasury, Timothy Geithner, was not in favour of Ireland making senior bondholders sustain losses. This stance by Geithner and his colleagues was confirmed by Székely.
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Sinn Fein are not so quick to answer questions about ink cartridges themselves
People in glasshouses can’t throw stones or petrol bombs or whatever SF are into nowadays
What’s your point? They are elected representatives and are entitled to ask what they want. The war is over, get over it!
Very rich for Sinn Fein to be taking the moral high ground on issues of justice.
God forbid the opposition asks a few questions :O
67 is hardly a few
Don’t think that’s the point – yet another example of fine Gael acting in a condescending dismissive manner – did u see phil hogan last night smirking and saying it was typically Irish that we were waiting until the last minute to pay the household charge – this gov is not living in the reall world. To dismiss Sinn Fein like the above posters have done due to their history is petty and unproductive. Open your eyes people.
The househd tax like it or not is now a law of the land. Sinn however continue with their historic indifference to the laws of the land. They are not calling for a boycott of council tax on the north though…
Agree. Same old smart Alec Greek chorus whenever SF raises an issue. Idiots.
I am dismissing Jonathan and Sinn fein due to the fact of something a friend of mine witnessed in the not so distant past. So spare me the tags please.
I agree Brian. Regardless of the content and actual point of the article, we have the typical snipes from FG/FFers. The beginning point from their posts is to patronise/put down/dismiss and blatantly bad mouth SF! Why because it’s easy to post the same crappy comments over and over again to make themselves feel superior. Typical party tactics.
On a side note, a comment about the article. The point I would like to raise is that shatter deems these request unworthy to answer, of course the prison system falls under his umbrella. His power has gone to his head since he won one over in the judges! I would expect him to answer if FF had asked! Why not SF!
I thought Jonathan and his crew would know plenty about the justice system at this stage?
Is a Sinn Fein Justice spokesperson not a contradiction of itself?
Sinn fein now look like a well resourced party judging by the quality and volume of questions being submitted. A big change coming in the make up of the next fail on the cards?
dail not fail. Danny predictive text
A ‘fraudulant’ slip perhaps?
Steve, I am sure you meant Freud rather than Fraud (at least I hope you did) Even my correction got invaded by the predective text! The joys of rushing for a bus!
I remember someone in the last Dail saying asking questions of the government was like playing handball against a haystack….
Also, whilst I’m not a Sinn Fein supporter, they are democratically elected representatives, and are entitled to answers to their questions as much as any other representatives.
Whilst not a Sinn Fein supporter I welcome the opposition, Fianna Fail are morally bankrupt, Labour have become the new Green Party and the Independents have no clout. What is the point in letting Sinn Fein run in elections if their past is the only response they are given to sometime valid points. It’s quite like Fine Gaels’ response on every issue, ‘well that was Fianna Fail’s’ fault’, we are where we are, now do some fecking work for your pensions!
so if 67 citizens of this country wrote to the ministers dept and each asked one question it “would require the allocation and expenditure of a disproportionate and inordinate amount of staff time and effort”…..yep, sounds like the dik tat we have voted in
This would take up a ridiculous amount of time. Fair eneough if they were questions which just required a simple answer.
for the simple citizens eh James???????………
So it should only be simple questions asked in the Dáil rathrt than ones that are about exposing the rot, waste and corruption in this state. Problem is that not enough questions were asked over the last 50 years.
You can ask the “What is you favourite member of One Direction, Alan?” questions if you like, but the Minister is there to work.
Shatter’s response basically says “I can’t be arsed, so feck off would ya?”
While I do think that Shatters response was reasonable, there is a point around the amount of resources used in depts preparing answers to parlimentary q’s. There has to be a better more efficient model that doesnt use so many civil servants at enourmous cost.
His justification for submitting so many questions doesn’t really stack up. It looks like a political stunt, to be honest.
It sounds a bit like someone got his homework in at the last minute.
Is there a list of the questions somewhere that we can read?
Found it
Talk about drowning the Dept in paper!
Does he really need to ask so many questions? Wouldn’t a bit more thought and editing enable him to ask less but more useful questions? The only thing most citizens want to know about the prison service is why there aren’t more places within it to hold prisoners.
As Stephen Donnelly pointed out, this Govt. have a major problem with being held accountable.
It was ever thus with FG, the get in and the arrogance comes out and the piss off the electorate and they are out again after one term. After 80 years of this, is it not time to look in the mirror and ask “is is me?”.
I can’t believe a shinner is questioning anybody’s accountability
have your say