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News : Irish Economy Last Updated: Mar 3, 2011 - 6:42 AM

Irish bank Senior Debt and Subordinated Debt outstanding February 2011
By Finfacts Team
Mar 2, 2011 - 1:29 PM

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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 2011.

There is much debate on defaulting on debt by populist commentators who usually don't bother with the hassle of establishing the facts.

Last month, 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 of the 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 collateral

Senior Bonds Unguaranteed Secured: Senior bonds in issue but secured by collateral e.g. mortgages.

Subordinated Bonds: Debt ranking below senior debt and deposits and not covered by the ELG scheme.

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