Skip to content
Support Us

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Michael Noonan speaks with Mario Draghi at a meeting in Luxembourg last month Virginia Mayo/AP/Press Association Images

Noonan meets ECB head Draghi: Will he allow us burn the bondholders?

The Minister for Finance will travel to Frankfurt today, amid reports the ECB may let Spain impose losses on senior bondholders.

FINANCE MINISTER MICHAEL Noonan is to meet European Central Bank president Mario Draghi in Germany today, amid reports the bank may be willing to allow the burning of bondholders.

Noonan will travel to Frankfurt for talks with the ECB head as pressure builds at home to achieve a deal on the roughly €30billion in Anglo promissory notes.

Davy Stockbrokers analyst Conall Mac Coille has said that the apparent change in ECB policy would “strengthen the Irish government’s hand in the negotiations to secure additional EU support to help Ireland’s debt sustainability”.

Michael Noonan’s talks with Draghi will focus on “the long-term sustainability of the Irish financial system”, a spokesperson told Bloomberg.

Ireland currently repays €3.1billion annually on the Anglo promissory notes. The payments to bondholders have generated considerable controversy in the past.

Yesterday, the Wall Street Journal reported that Draghi has altered his position, and now supports imposing losses on senior Spanish bondholders as part of restructuring in the country.

“The apparent change in ECB policy is in stark contrast to the pressure exerted on Ireland to ensure that senior bondholders in failing Irish banks were paid in full,” Mac Coille said.

Read: Could Ireland burn the bondholders?>

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
24 Comments
    Install the app to use these features.
    Mute Pat Enright
    Favourite Pat Enright
    Report
    Jul 16th 2013, 5:44 PM

    Hopefully they will set up here in this fine country, something positive for once.

    90
    Install the app to use these features.
    Mute Breadwinner
    Favourite Breadwinner
    Report
    Jul 16th 2013, 5:45 PM

    It would make so much sense if airbnb set up in Ireland. It can be such a good full time/part time money maker. I have a lot of friends abroad who rent their place(s) through airbnb and earn a ton from it.

    57
    Install the app to use these features.
    Mute Ryan Murphy
    Favourite Ryan Murphy
    Report
    Jul 16th 2013, 5:49 PM

    Who?

    40
    Install the app to use these features.
    Mute J. Dunn
    Favourite J. Dunn
    Report
    Jul 16th 2013, 5:41 PM

    Air bnb renting a bed from Google?

    27
    Install the app to use these features.
    Mute Danny Mike Hennessy
    Favourite Danny Mike Hennessy
    Report
    Jul 16th 2013, 7:18 PM

    Such a good website just wish they didn’t charge for each stay.

    6
    Install the app to use these features.
    Mute Alan Murphy
    Favourite Alan Murphy
    Report
    Jul 17th 2013, 12:05 AM

    What’s the chances of them setting up outside of Dublin, cork or Galway if they do come?

    5
    Install the app to use these features.
    Mute Eddie Hall
    Favourite Eddie Hall
    Report
    Jul 16th 2013, 7:44 PM
    5
    Install the app to use these features.
    Mute Phil Gill
    Favourite Phil Gill
    Report
    Jul 18th 2013, 2:37 PM

    there is already a surplus of IT jobs in dublin, maybe like the others they will be looking to get in younger, cheaper, multilingual folk. something which there aren’t a whole lot of in Dublin

    1
    Install the app to use these features.
    Mute Lorelei Cleaning
    Favourite Lorelei Cleaning
    Report
    Jul 17th 2013, 6:17 AM

    And yes it’s Dublin

    1
    Install the app to use these features.
    Mute Lorelei Cleaning
    Favourite Lorelei Cleaning
    Report
    Jul 17th 2013, 6:12 AM

    Great news. They are coming to Dublin there’s a post giving the recruitment link

    1
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds