Irish Banks Could Prevent Second Bailout

31 January 2012 - Which Way to Pay

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Irish Banks Could Prevent Second Bailout

It was the Irish Government that bailed out the banks.  There has been speculation that Ireland may be forced to seek a second bailout of even a Greek style restructuring. There is also further speculation that the banks are repaying the favour as the banks may help the state avoid another recession by easing financial pressure on the nation as its aid is expected to run out. According to Davy, Ireland’s biggest security firm, Investors decided last week to move about 30 % of the 11.9 billion Euros of government debt due in 2014 to 2015. Davy said it carried out about half the orders as the Irish debt management agency wanted to relieve funding pressure when the aid package diminishes at the end of next year. Gavin Blessing, a bond analyst at Collins Stewart has said, “This is a smart solution and ticks a lot of boxes for both the government and the banks,” adding, “Rather than trying to get the market to absorb fresh bond issuance, there were dealing with a captive audience.”

EU leaders are meeting to finalise the details of the treaty which aims to put rules in writing to prevent another financial crisis which lead to three Eurozone countries seeking an international bailout. Ireland has been commended for performing best in terms of meeting the terms of its programme and obligations. It is hope that Ireland will be able to return to normal lending markets in the middle of next year.  Last week a refinancing of government debt was considered to be an indication that there is indeed an appetite for Irish government bonds. Finance Minister Michael Noon, therefore, has said that the suggestion for the need for a second bailout is unfounded.

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