Independent: Noonan looking at 40-year bond for bank debt

19 September 2012

Ireland's Jobs Minister Richard Bruton confirmed that the Government is looking at a long-term solution to the repayment of debt from the former Anglo Irish Bank.

The Coalition is examining a possible 40-year bond as a way of refinancing the cost of bailing out the bank, Mr Bruton said. "Michael Noonan has signalled that is an area that is being looked at."

Taoiseach Enda Kenny struck the early morning deal but a key issue on how €64 billion will ultimately be repaid has to be resolved. "A major plank of any deal would focus on pushing out the repayment of bank debt over a period of 35 to 40 years -- something the Government has repeatedly sought." The current repayment period is 20 years but a longer timespan would dramatically ease the burden on taxpayers, the Independent reported on June 30.

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