Bond ruling may cost taxpayer millions

Irish taxpayers could end up paying hundreds of millions more to bondholders on the basis of a ruling in Britain’s High Court.

Bondholders who were burned by the Government, losing up to 80% of their investments, are planning to take legal action seekingrepayment of their bonds in full.

The move follows a ruling in the British High Court, where Mr Justice Briggs found that “exit consents”, which forced losses of 80% on bondholders, were illegal. Justice Briggs was ruling in a case taken by Assénagon Asset Management against IBRC, the former Anglo Irish Bank.