Kenny ‘backed down’ over haircuts

IRELAND’S banks have enough capital to escape scrutiny from Brussels for now, but at home, disappointment reigns as Ireland failed to secure a better deal on its crippling bank debt, argues opposition leader Micheál Martin.

Ireland came out of an EU summit yesterday a little lighter as European authorities gave Irish banks a big thumbs up. But Taoiseach Enda Kenny stands accused of backing down on his position to get bondholder haircuts on Irish debt.

“It has been Ireland’s position since last year that bank debt should be written down in the context of a Europe-wide deal. This deal has now been agreed but there is no mention whatsoever [at the summit] of Ireland’s bank debt,” Mr Martin said in a caustic statement.