DOF secretly paid off 7.9BN Anglo debt on last day of guarantee

bokonon

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From Constantin Gurdgiev's Twitterfeed:
It has been confirmed by FR office - Anglo redeemed 7.9bn of bonds on Sept 30 via ECB borrowing. Behind our backs! This is our debt now!
...
Anglo redemptions were not disclosed by Gov/Pub Officials until after immense pressure from 3 independent analysts, led by Banker Mathews!
...
Gov approved this transaction while Min Lenihan stood in front of the nation talking ab bailout costs!
...
And media's failure to uncover this is shameful. Numerous journos were tipped off, but failed to deliver.
...
Media are running with 15bn in cuts 'Appocallypse' while Gov piling on 8bn of fresh debt on our shoulders overnight!
...
Only mechanism to change thisnow is to restructure all quasi-Gov (Nama) & banks debts. They boxed us into a corner
This equates to around half of Anglo's senior debt, which is now sovereign debt. Why did the government pay this off on 30 September? What interest rate did we get from the ECB for the 7.9 BN we had to borrow to convert this debt to sovereign debt?

EDIT:-------------------

I just saw Constantin Gurdgiev's disclaimer:

Note of caution - despite claims in the blogosphere, I have never said DofF paid off Anglo bondholders. Anglo paid its bondholders
He's right, he said that Anglo paid it off and that the government approved it.

Gurdgiev is my primary reference here although the headline isn't attributed to him. So on examination of what he said, I think my thread title could be construed as a mistaken interpretation of his words.

As the headline was my interpretation of the sequence of Gurdgiev posts above, and that interpretation is most likely mistaken, the "DOF" in the title should be replaced with "Anglo".

(It could also perhaps be replaced with The Exchequer or The State. Where the DOF ends and Anglo starts is probably debatable. But let's leave that for now.)

In summary the implication that the title is a literal interpretation of Gurdgiev's words is unfair on Gurdgiev.

Other than Gurdgiev, there have been rumours on the Pin and namawinelake that some or all senior debt has been paid by Anglo/the Central Bank/the ECB. I don't know how true these rumours are, but I have mentioned them here:

http://www.politics.ie/economy/141313-dof-secretly-paid-off-7-9bn-anglo-debt-last-day-guarantee-8.html#post3112895

The Journal carried the story earlier along with quotes from the DOF which indicate that it's an Anglo-only transaction. I posted a section of this article here:
http://www.politics.ie/economy/141313-dof-secretly-paid-off-7-9bn-anglo-debt-last-day-guarantee-8.html#post3112895

However, I now think that the whole thing was the payment of guaranteed Anglo bonds, as I posted when that possibility was highlighted:
http://www.politics.ie/economy/141313-dof-secretly-paid-off-7-9bn-anglo-debt-last-day-guarantee-7.html#post3112805
 
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Clanrickard

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This is incredible. What is worse is that he says several journos were tipped off.
 

'orebel

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Jesus wept.
 

johnnypockets

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We live in a dictatorship. When are people going to realise this? I wonder what else is being done behind our backs. Putting the country first. Its just lie after lie after lie....

....exhale...
 
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Where did the money come from?

Pension fund or the cash we needed for the January - April period?

No wonder the state needs to save 15 Billion and thats why they want to frontload the cuts, its to pay for the Anglo debt. It all becomes clear now.
 

firefly123

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Wow. This information alone would topple most western democratic governments. Shameful corrupt behaviour that the media refused to expose? Those journos in the know should be named and never let put pen to paper again except to write about Leitrim junior b football( no offence to Leitrim)
 

ocoonassa

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"And media's failure to uncover this is shameful. Numerous journos were tipped off, but failed to deliver."
Outrageous, how dare anybody suggest this, we all know full well that the consolidated media in Ireland is owned and run by the people for the people. It is the very bedrock of our flourishing democracy.
 

smitchy2

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Lenihan has put his signature on so many bailouts he probably has a stamp at this stage.
Although all senior bondholders in the bank guarantee are now considered to be sovereign all but in name by the extended guarantee it is amazing he felt there was no need to debate this prior to doing it.

What a minister for finance ah!
 

ManOfReason

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Lenihan again shows his contempt for the right of the Irish people to know how their future is been squandered. The country is being run by Goldman Sacks et al via their co-conspirators in Brussels who beckon Lenihan to heel anytime there are new instructions on how, once again, the Irish Taxpayer must be financially raped for the benefit of idiot bondholders.
 

nonpartyboy

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This is about getting the taxpayer up to it's bollix in establishment debt , these people are scum scum scum.
 
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Im starting to welcome the cuts, then maybe just maybe people may wake up and take to the streets and remove by force if necessary the corrupt fools who are not just destroying the country but are going to ensure a modern day famine.
 

gombeennation

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if they didnt do this the entire banking system would have collapsed.

every other european country did the same thing.

not paying off this would have cost us more in the long run.

it was done on the best advice available.

ah sure the other crowd would have done the same.

we are where we are - so we should be looking for solutions not harking back to the past.
 

bokonon

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Although all senior bondholders in the guarantees banks are now considered to be sovereign all but in name by the extended guarantee it is amazing he felt there was no need to debate this prior to doing it.
Well there are questions. It's unlikely 7.9BN of the debt was set to mature all at once on 30 September 2010. Did Ireland borrow money at a higher rate to pay back Anglo debt that had not yet reached maturity? If so, why? Was the government afraid that the guarantee would expire and that they may leave certain bondholders high-and-dry?
 

Asparagus

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Well there are questions. It's unlikely 7.9BN of the debt was set to mature all at once on 30 September 2010. Did Ireland borrow money at a higher rate to pay back Anglo debt that had not yet reached maturity? If so, why? Was the government afraid that the guarantee would expire and that they may leave certain bondholders high-and-dry?
IT'S a FUKKING HEIST.
 

grafter1

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Taking a small step back for one minute. Did Anglo not borrow billions on 30 September 2008 for 2 years? Therefore were these notes not due to be repaid on 30 September 2010?

If this is the case who else was going to fund this? Its not new debt. Its money we owe the ECB rather than Fidelity or whoever. Anglo is nationalised so senior debt is as good as sovereign debt whether people like it or not.

Can someone confirm if this debt was actually due to be repaid on 30 September?
 

MPB

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Anybody still think that the cost of repaying bondholders for their bad investments in private Banks, is not the reason for our current predicament?

Anybody still believe that the EU are not complicit in this theft of Irish taxpayers money?
 

MPB

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Taking a small step back for one minute. Did Anglo not borrow billions on 30 September 2008 for 2 years? Therefore were these notes not due to be repaid on 30 September 2010?

If this is the case who else was going to fund this? Its not new debt. Its money we owe the ECB rather than Fidelity or whoever. Anglo is nationalised so senior debt is as good as sovereign debt whether people like it or not.

Can someone confirm if this debt was actually due to be repaid on 30 September?
Nationalising Anglo did not make their debts sovereign.
 

cyberianpan

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Taking a small step back for one minute. Did Anglo not borrow billions on 30 September 2008 for 2 years? Therefore were these notes not due to be repaid on 30 September 2010?

If this is the case who else was going to fund this? Its not new debt. Its money we owe the ECB rather than Fidelity or whoever. Anglo is nationalised so senior debt is as good as sovereign debt whether people like it or not.

Can someone confirm if this debt was actually due to be repaid on 30 September?
Also the DoF doesn't buy senior bonds... at the moment the ECB does (either directly, or indirectly via dodgy collateral etc)

cYp
 


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