“When we were faced with a similar situation after coming into government, we agreed with the ECB and we held back from burden sharing with senior bond holders and we didn’t proceed down that road.”
Michael Noonan, reported here.
It wouldn’t be altogether surprising, I suppose, if the most conservative party in the State agreed with the ECB when it came to the distribution of bank losses as between ordinary taxpayers and financial institutions. But this isn’t the story we have been told to date.
So: does Fine Gael — and Labour — agree with the ECB regarding burden sharing with bondholders?
Update: Michael Noonan has said that Anglo and Irish Nationwide senior bondholders should face losses.