John Hemming's Web Log John's Reference Website
Sunday, June 12, 2011
  Bank of Ireland story
There is a story today in the Sunday Independent which includes the following text:

John Hemming, the Liberal Democrat MP who used parliamentary privilege to reveal that Ryan Giggs was the footballer behind the recent superinjunction, is a leading Pibs-holder and part of the campaign. The group intends to write to the Irish government to condemn its "lack of common decency and fair play".

I would ask that people note that the quotation here is not quoted as something that I have said. My concern about the proposals from the Irish Government (aka Bank of Ireland) is that they are designed to protect the equity at the cost of the subordinated holders. This turns on its head the normal processes.

There is no need for the Irish government to put any more cash in than is proposed under the current scheme. In fact if the Sub holders were given a normal deal then the Irish government would put less money in.

However, the plan the Irish government has involves preferring one set of creditors above others. That is not normally lawful.
 
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