TDs urge emergency powers to stop bondholder payout

Emergency powers should be used by the Government now to ensure no Anglo junior bondholders get payouts, opposition TDs have insisted.

Fianna Fáil finance spokesman Michael McGrath insisted Government assurances did not go far enough and the only way to guarantee non-payment was to issue a direction under special legislation. Mr McGrath called for swift action to send a clear message on the issue of payments to junior bond holders in the former Anglo, now known as IBRC.

“The IBRC Act 2013, which provides for the special liquidation of the IBRC, gives the minister for finance sweeping powers over the special liquidation of IBRC. It should be remembered that the liquidation of IBRC is like no other and is governed by special legislation which was rushed through the Oireachtas last year.