(BN) Gilmore Says Anglo Irish Talks Ongoing; Accord Would Aid ‘Mood’

Posted by on Mar 11, 2012 in Uncategorized | No Comments

Just background noise, but more evidence of bail-out regret and failure.



Gilmore Says Anglo Irish Talks Ongoing; Accord Would Aid ‘Mood’
2012-03-11 13:26:21.986 GMT
By Dara Doyle
     March 11 (Bloomberg) —  Ireland’s Foreign Minister Eamon
Gilmore said talks are ongoing on reducing the cost of the
promissory notes used to rescue the former Anglo Irish Bank
Corp. and Irish Nationwide Building Society.
     Ireland is discussing the notes with the so-called bailout
troika of institutions, the International Monetary Fund, the
European Central Bank and European Commission. In an interview
with Dublin-based broadcaster RTE today, Gilmore said there is
no timeframe for resolving the issue.
     The government may be allowed to delay a 3.1 billion euro
cash payment to two nationalized lenders this month as it works
on a longer-term plan to cut the cost of the notes, two people
with direct knowledge of the plans said last week. In all, the
state issued about 30 billion euros of notes to the lenders,
which used them as collateral to access emergency funding from
the country’s central bank.
     The repayment to the central bank, due to take place over
at least a decade, may be postponed until some future date or
else the state may be allowed spread the payments over a longer
term, the Sunday Business Post said today, without citing
     Gilmore said “any good news will inevitably improve the
modd music” before the country votes on Europe’s fiscal compact


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