TDs to propose rules exemption to write off Anglo debt

TDs to propose rules exemption to write off Anglo debt
Shane Ross TD

The Government will today be urged to ask the EU for a one-off change to European treaties.

TDs from the Technical Group want a one-off exemption so that the Central Bank can write off €28bn of Ireland's debts.

The TDs say Irish citizens should not have to foot the bill for the costs of liquidating the former Anglo Irish Bank.

Nineteen opposition TDs have tabled a motion in the Dáil calling on the Government to seek a one-off exemption to the EU rules on so-called "monetary financing".

Those rules mean the ECB cannot simply lend money directly to a Government to help it pay its bills.

The TDs say Ireland' is a special case and want permission for the Central Bank of Ireland to destroy €28bn of debts run up in the last two years.

That includes the €25bn of bonds issued when IBRC was liquidated earlier this year, and €3bn borrowed last year to cover the repayment of the promissory notes.

The Government is certain to vote against the plan - but even if it were passed, Ireland would still face the difficult task of convincing every other EU member states to agree with the idea.

More on this topic

Major setback for Seann Quinn's children in €410m liability caseMajor setback for Seann Quinn's children in €410m liability case

Official who shredded key papers to explain decisionOfficial who shredded key papers to explain decision

'Is it more of the roll-over over Leo?' - SF reacts to €270m Anglo payout to junior bondholders'Is it more of the roll-over over Leo?' - SF reacts to €270m Anglo payout to junior bondholders

Irish Banking Resolution Corporation still party to 138 legal actionsIrish Banking Resolution Corporation still party to 138 legal actions


More in this Section

Gardaí investigate after pair climb to hospital roof to play Ouija board and drink alcoholGardaí investigate after pair climb to hospital roof to play Ouija board and drink alcohol

Threatening phone calls among issues facing women in politics highlighted by NWCIThreatening phone calls among issues facing women in politics highlighted by NWCI

Latest: HSE publishes winter plan to tackle overcrowdingLatest: HSE publishes winter plan to tackle overcrowding

PAC slam National Transport Authority's use of highly paid agency staffPAC slam National Transport Authority's use of highly paid agency staff


Lifestyle

I’d always promised myself a day off school when Gay Bryne died.Secret diary of an Irish teacher: I’ve been thinking about my students, wondering who their ‘Gay Byrne’ will be

In an industry where women battle ageism and sexism, Meryl Streep has managed to decide her own destiny – and roles, writes Suzanne HarringtonJeepers Streepers: Hollywood royalty, all hail queen Meryl

'Ask Audrey' has been the newspaper's hysterical agony aunt “for ages, like”.Ask Audrey: Guten tag. Vot the f**k is the story with your cycle lanes?

Daphne Wright’s major new exhibition at the Crawford addresses such subjects as ageing and consumerism, writes Colette SheridanFinding inspiration in domestic situations

More From The Irish Examiner