Sunday, 21 October 2012

Noonan insists: No, the Troika DID insist

FINANCE MINISTER Michael Noonan has again insisted that policies adopted by the Troika mean Ireland’s state-supported banks are forced to repay the unsecured and unguaranteed bonds.

Noonan’s denial contradicts statements from independent TD Stephen Donnelly who was this week told by the Troika itself – during its ongoing quarterly inspection of Ireland’s progress under the bailout deal – that the policy was one adopted by the previous government.

In a blog post published on his website, Donnelly said he had met the Troika as part of a delegation from the technical group, and had been told that “it was the previous government and not the Troika that insisted on payments to unseen unguaranteed bondholders of the pillar banks.”

This meeting took place on Wednesday of last week – the same day that Noonan went on the Dáil record to insist that the policy was, in fact, determined by the European Central Bank.

“When this Government took office it attempted to implement burden sharing with senior unguaranteed bondholders, in particular institutions that were no longer core elements of the Irish financial system,” Noonan said in response to a written Dáil question from Donnelly himself

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