The only ones shouldering debt burden are taxpayers

Burden sharing was part of the 2011 election manifestos of FG & Labour.

The bondholders and the banks would share in the repayment of the bank bailout and both parties stressed that pay capping for senior bankers would be enforced.

To-date, the only people paying the burden of banking debt is the Irish taxpayers via levies and taxes. Over €7.5bn was made available to banks last year to deal with distressed mortgages — but in reality very little relief was passed on to the borrowers. In fact the banks continue to increase their variable mortgage rates allied with a general increase in banking charges.