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ECB Said to Object to 15-Year Commitment on Anglo Irish

European Central Bank policy makers rejected an Irish government plan designed to fund the rescue of the former Anglo Irish Bank Corp. for at least 15 years, according to three people with knowledge of the discussions.

Under the proposal, the Irish central bank would have signed a contract guaranteeing to hold for at least a decade and a half a long-term bond issued to replace about 30 billion euros ($40.4 billion) of so-called promissory notes used to rescue the lender in 2010, according to the people, who declined to be identified because the talks are private.