Irish banks hold more than €63bn in bonds

NEW figures issued by the Central Bank disclose for the first time that the amount held in bonds by Irish banks is more than €63 billion.

Of those, roughly €23bn could be targeted by the incoming Government for “burning”, or sharp, discounts.

At present the Irish banks are negotiating discounts of up to 80% on more than €6bn in subordinated debt and savings of about €5bn is the potential gain.