Ireland’s Lenihan Wants Senior Bank Debt Discounts

Irish Finance Minister Brian Lenihan said the government is pressing for a “substantial discount” on 20 billion euros ($27.2 billion) of unsecured senior bank bonds, a push resisted by the European Central Bank.

“We put the 20 billion euros on the table in the EU-IMF negotiations, and the ECB ruled it out,” Lenihan said in a debate on RTE television late last night. “But it’s still there in debate, it’s still there in discussions. We’re pressing for substantial discounts and burden sharing.”