The Anglo cost

ANGLO chairman Alan Dukes has defended today’s payback of €715 million to the bank’s senior bondholders, suggesting that withholding it could prolong Ireland’s dependence on the EU-IMF bailout.

The payment in full, which will be funded by taxpayers, is being made three days before the Government unveils the size of adjustment for December’s budget, which is expected to be up to €4 billion.

The Government is expected to come under sharp criticism when the Dáil resumes today, for breaking pre-election promises to impose losses on Anglo bondholders — now called the Irish Bank Resolution Corporation.