(BN) Gilmore Says Anglo Irish Talks Ongoing; Accord Would Aid ‘Mood’

Just background noise, but more evidence of bail-out regret and failure.

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Gilmore Says Anglo Irish Talks Ongoing; Accord Would Aid ‘Mood’

2012-03-11 13:26:21.986 GMT

By Dara Doyle

     March 11 (Bloomberg) —  Ireland’s Foreign Minister Eamon

Gilmore said talks are ongoing on reducing the cost of the

promissory notes used to rescue the former Anglo Irish Bank

Corp. and Irish Nationwide Building Society.

     Ireland is discussing the notes with the so-called bailout

troika of institutions, the International Monetary Fund, the

European Central Bank and European Commission. In an interview

with Dublin-based broadcaster RTE today, Gilmore said there is

no timeframe for resolving the issue.

     The government may be allowed to delay a 3.1 billion euro

cash payment to two nationalized lenders this month as it works

on a longer-term plan to cut the cost of the notes, two people

with direct knowledge of the plans said last week. In all, the

state issued about 30 billion euros of notes to the lenders,

which used them as collateral to access emergency funding from

the country’s central bank.

     The repayment to the central bank, due to take place over

at least a decade, may be postponed until some future date or

else the state may be allowed spread the payments over a longer

term, the Sunday Business Post said today, without citing

anyone.

     Gilmore said “any good news will inevitably improve the

modd music” before the country votes on Europe’s fiscal compact

 

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Dara Doyle at +353-1-523-9521 or

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