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Govt does deal; Anglo debt over 40 years
Thursday, February 07 15:19:11
The Taoiseach this afternoon told the Dail that the country has reached a deal with the ECB to swap Anglo's promissory notes for long terms bonds some of which will stretch out to 2053.
He said the former Anglo Irish Bank has been removed from the landscape and the annual promissory note payments are gone.
They are being exchanged for longer term bonds with the first maturing in 2038 and the last in 2053.
There will be a E20 billion reduction in the borrowing requirement of the NTMA in the coming years.
Mr Kenny said this is a historic step in Ireland's recovery. By Joe Downes
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