Why no media attention about promissory notes?

Our media highlighted outrage over a possible payment of €280m to junior bondholders in the wound-up banks — Anglo and Irish Nationwide — combined to form IBRC.

Meanwhile, there is silence from the same media on the scheduled destruction over the coming years of €28bn, legacy debt from the same two banks.It begins in 2014 (until 2032); under the schedule, €28bn in sovereign bonds that replaced the old promissory minutes (remember Noonan’s widely hailed ‘deal’ of February 2013?) will be sold by the Central Bank, then destroyed, every cent — that’s 100 times the amount causing so much outrage at the moment.

How much will it all eventually cost? Between interest and principal over the next 40 years, that €28bn, along with the €3bn paid in 2011, is going to cost us at least €80bn, an average of more than €2bn/yr. And that in itself is less than half the full story of the Irish bank bailout (the full figure is €69.7bn).