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Another Message to TDs about Anglo Bonds

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I sent the following email to all TDs today regarding the next redemption of Anglo bonds:

Dear Deputy

I wish to protest at the planned redemption at par value of a €1.25 billion bond (ISIN ref. XS0283695228) on 25th January by Irish Bank Resolution Corporation, formerly Anglo,

Given that this unsecured and unguaranteed bond traded at less 60 percent of par within the past year, why is the Government redeeming this bond at par given that the issuing bank is insolvent and being liquidated?

The proposed payment is equivalent to the salaries of 5,000 extra nurses for five years; or one-third of the cuts and tax increases in the 2012 budget: or the full cost of TWO new national children's hospital.

Instead, the money will be used to give windfall profits to so-called sophisticated but anonymous bondholders who provided funds at the peak of the boom to a bank which operated as a casino and which, thankfully, no longer trades.

Irish taxpayers are entitled to expect public representatives and Government to stand up for their rights and to either refuse to pay or negotiate a quid pro quo with the ECB if it wishes to avoid contagion.

What's needed from TDs is an unwhipped parliamentary debate where isms, ologies, outdated manifestos and failed policies are, for once, put aside in the national interest and where fundamental issues underlying the bond redemptions are considered in an open and honest way.

For example, a free vote in the Dail when it resumes next week in favour of a 50% discount on redemption might "frighten the horses" enough to allow the NTMA repurchase the Anglo bonds at, say, 60/100 and save the taxpayer about €500 million without any default arising. Not a bad morning's work in the Dail.

Brian

Here is the text of a previous message sent on 30th October 2011 to TDs about the redemption of Anglo bonds worth approximately €750 million. So, if the January bonds are redeemed at par, the Irish taxpayer will have redeemed unsecured, unguaranteed bonds amounting to about €2 billion since November 2011. To put this in context, the Government announced in December 2011 a savage budget which will raise taxes and make savings for the Exchequer amounting to €3.6 billion during 2012.

See also Don't Pay Anglo Bondholders.

Here is an uptodate and corrected list of TDs as at 22nd January 2012. To help ensure delivery, it has been divided into four parts.

gerry.adams@oireachtas.ie, james.bannon@oireachtas.ie, sean.barrett@oireachtas.ie, tom.barry@oireachtas.ie, richard.boydbarrett@oireachtas.ie, pat.breen@oireachtas.ie, tommy.broughan@oireachtas.ie, john.browne@oireachtas.ie, richard.bruton@oireachtas.ie, joan.burton@oireachtas.ie, ray.butler@oireachtas.ie, jerry.buttimer@oireachtas.ie, catherine.byrne@oireachtas.ie, eric.byrne@oireachtas.ie, dara.calleary@oireachtas.ie, ciaran.cannon@oireachtas.ie, joe.carey@oireachtas.ie, paudie.coffey@oireachtas.ie, aine.collins@oireachtas.ie, joan.collins@oireachtas.ie, niall.collins@oireachtas.ie, michael.colreavy@oireachtas.ie, michael.conaghan@oireachtas.ie, sean.conlan@oireachtas.ie, paulj.connaughton@oireachtas.ie, ciara.conway@oireachtas.ie, noel.coonan@oireachtas.ie, marcella.corcorankennedy@oireachtas.ie, joe.costello@oireachtas.ie, simon.coveney@oireachtas.ie, barry.cowen@oireachtas.ie, michael.creed@oireachtas.ie, lucinda.creighton@oireachtas.ie, sean.crowe@oireachtas.ie, clare.daly@oireachtas.ie, jim.daly@oireachtas.ie, john.deasy@oireachtas.ie, jimmy.deenihan@oireachtas.ie, pat.deering@oireachtas.ie, pearse.doherty@oireachtas.ie, regina.doherty@oireachtas.ie, stephen.donnelly@oireachtas.ie, ######################################## timmy.dooley@oireachtas.ie, robert.dowds@oireachtas.ie, andrew.doyle@oireachtas.ie, bernard.durkan@oireachtas.ie, dessie.ellis@oireachtas.ie, damien.english@oireachtas.ie, alan.farrell@oireachtas.ie, frank.feighan@oireachtas.ie, anne.ferris@oireachtas.ie, martin.ferris@oireachtas.ie, frances.fitzgerald@oireachtas.ie, peterm.fitzpatrick@oireachtas.ie, charles.flanagan@oireachtas.ie, lukeming.flanagan@oireachtas.ie, terence.flanagan@oireachtas.ie, sean.fleming@oireachtas.ie, tom.fleming@oireachtas.ie, eamon.gilmore@oireachtas.ie, noel.grealish@oireachtas.ie, brendan.griffin@oireachtas.ie, john.halligan@oireachtas.ie, dominic.hannigan@oireachtas.ie, noel.harrington@oireachtas.ie, simon.harris@oireachtas.ie, brian.hayes@oireachtas.ie, tom.hayes@oireachtas.ie, seamus.healy@oireachtas.ie, michael.healy-rae@oireachtas.ie, martin.heydon@oireachtas.ie, joe.higgins@oireachtas.ie, phil.hogan@oireachtas.ie, brendan.howlin@oireachtas.ie, heather.humphreys@oireachtas.ie, kevin.humphreys@oireachtas.ie, derek.keating@oireachtas.ie, colm.keaveney@oireachtas.ie, paul.kehoe@oireachtas.ie, billy.kelleher@oireachtas.ie, alan.kelly@oireachtas.ie, enda.kenny@oireachtas.ie, sean.kenny@oireachtas.ie, seamus.kirk@oireachtas.ie, michael.kitt@oireachtas.ie, ######################################## sean.kyne@oireachtas.ie, anthony.lawlor@oireachtas.ie, michael.lowry@oireachtas.ie, ciaran.lynch@oireachtas.ie, kathleen.lynch@oireachtas.ie, john.lyons@oireachtas.ie, padraig.maclochlainn@oireachtas.ie, eamonn.maloney@oireachtas.ie, micheal.martin@oireachtas.ie, peter.mathews@oireachtas.ie, michael.mccarthy@oireachtas.ie, charlie.mcconalogue@oireachtas.ie, marylou.mcdonald@oireachtas.ie, shane.mcentee@oireachtas.ie, nicky.mcfadden@oireachtas.ie, dinny.mcginley@oireachtas.ie, finian.mcgrath@oireachtas.ie, mattie.mcgrath@oireachtas.ie, michael.mcgrath@oireachtas.ie, john.mcguinness@oireachtas.ie, joe.mchugh@oireachtas.ie, sandra.mclellan@oireachtas.ie, tony.mcloughlin@oireachtas.ie, michael.mcnamara@oireachtas.ie, olivia.mitchell@oireachtas.ie, mary.mitchelloconnor@oireachtas.ie, michael.moynihan@oireachtas.ie, michelle.mulherin@oireachtas.ie, catherine.murphy@oireachtas.ie, dara.murphy@oireachtas.ie, eoghan.murphy@oireachtas.ie, gerald.nash@oireachtas.ie, denis.naughten@oireachtas.ie, dan.neville@oireachtas.ie, derek.nolan@oireachtas.ie, michael.noonan@oireachtas.ie, patrick.nulty@oireachtas.ie, caoimhghin.ocaolain@oireachtas.ie, eamon.ocuiv@oireachtas.ie, sean.ofearghail@oireachtas.ie, ################################################### aodhan.oriordain@oireachtas.ie, aengus.osnodaigh@oireachtas.ie, jonathan.obrien@oireachtas.ie, willie.odea@oireachtas.ie, kieran.odonnell@oireachtas.ie, patrick.odonovan@oireachtas.ie, fergus.odowd@oireachtas.ie, john.omahony@oireachtas.ie, joe.oreilly@oireachtas.ie, jan.osullivan@oireachtas.ie, maureen.osullivan@oireachtas.ie, willie.penrose@oireachtas.ie, john.perry@oireachtas.ie, ann.phelan@oireachtas.ie, johnpaul.phelan@oireachtas.ie, thomas.pringle@oireachtas.ie, ruairi.quinn@oireachtas.ie, pat.rabbitte@oireachtas.ie, james.reilly@oireachtas.ie, michael.ring@oireachtas.ie, shane.ross@oireachtas.ie, brendan.ryan@oireachtas.ie, alan.shatter@oireachtas.ie, sean.sherlock@oireachtas.ie, roisin.shorthall@oireachtas.ie, brendan.smith@oireachtas.ie, arthur.spring@oireachtas.ie, emmet.stagg@oireachtas.ie, brian.stanley@oireachtas.ie, david.stanton@oireachtas.ie, billy.timmins@oireachtas.ie, peadar.toibin@oireachtas.ie, robert.troy@oireachtas.ie, joanna.tuffy@oireachtas.ie, liam.twomey@oireachtas.ie, leo.varadkar@oireachtas.ie, jack.wall@oireachtas.ie, mick.wallace@oireachtas.ie, brian.walsh@oireachtas.ie, alex.white@oireachtas.ie,

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About this Entry

This page contains a single entry by Brian published on January 5, 2012 9:49 PM.

Budget for 2012 was the previous entry in this blog.

Don't Pay Anglo Bondholders is the next entry in this blog.

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