The Central Bank of Ireland today published the amount of senior
and subordinated bond debt issued by the six Irish credit institutions Allied
Irish Bank (AIB), Bank of Ireland (BOI), Educational Building Society (EBS),
Irish Life and Permanent (ILP) and Anglo Irish Bank (Anglo) and Irish Nationwide
Building Society (INBS).
The Central Bank says this information is being published today
in the interests of providing public information on the level of senior and
subordinated debt issuance currently in issue by the six Irish credit
institutions and held by third parties.
The information has been prepared on a once off basis and
disclosed with the consent of those institutions and does not form part of any
Central Bank of Ireland statistical series. It is correct as at 18 February
There is much debate on defaulting on debt by populist
commentators who usually don't bother with the hassle of establishing the facts.
research by an economist at UCC -- University College Cork - - showed that
more than half the value of outstanding Irish bank bonds is held by investors in
the Republic of Ireland.
On Tuesday night, the governor of the Central
Bank of Ireland,
Prof. Patrick Honohan. was interviewed on RTÉ, the Irish Sate television service.
Senior Bonds Guaranteed: Senior bonds issued under the terms
Eligible Liabilities Guarantee Scheme (ELG).
Senior Bonds Unguaranteed Unsecured: Senior bonds
in issue but not covered by the terms of the ELG scheme and not secured by
Senior Bonds Unguaranteed Secured: Senior bonds
in issue but secured by collateral e.g. mortgages.
Debt ranking below senior debt and deposits and not covered by the ELG scheme.