Irish ‘War Cabinet’ May Seek Senior Bank Bond Law as Debts Rise
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Ireland’s incoming government said it may need to introduce laws allowing the restructuring of some senior bank bonds, as the country’s debt level risks becoming “unsustainable.”
The Fine Gael-Labour coalition, due to take power on March 9, said laws may be needed to “extend the scope of bank liability restructuring” to include senior unsecured unguaranteed bank bonds, in proposals approved by both of the parties yesterday in Dublin.