11:01 ET<\/span>
\n<\/span><\/p>\nThe government of the Irish Republic wants to impose losses on some senior lenders to Irish banks to spread the pain of restructuring, a minister has said. <\/p>\n
The agriculture minister, Simon Coveney, said he was looking for a solution to the debt crisis that involved “burden sharing”.<\/p>\n
That is believed to mean some bondholders being forced to accept a lower return than they signed up for. <\/p>\n
Such a move would need EU approval.<\/p>\n
It would also need the backing of the International Monetary Fund (IMF) and European Central Bank (ECB). <\/p>\n
Those in favour of lowering returns to bondholders – sometimes known as giving a “haircut” – say it would ease the pressure on taxpayers.<\/p>\n
The government is already able to impose losses on certain classes of bonds, known as junior bonds.<\/p>\n
The Irish Republic’s banks have been given EU and IMF support to the tune of 35bn euros (\u00a331bn, $49bn).<\/p>\n
‘Sustainable’ solution<\/span><\/p>\nThis week they face a new “stress test” to see if they would be able to withstand another banking crisis.<\/p>\n
It is not clear whether the Republic’s banks will pass, or be found to be in need of another major bout of support. <\/p>\n
The Irish government wants to impose losses on banks’ 16bn euros in senior unsecured bonds that are not covered by a state guarantee, as part of a new deal with the EU, the ECB and the IMF. <\/p>\n
On Sunday, Mr Coveney told the state broadcaster RTE: “A sustainable and comprehensive solution for Irish banking that involves recapitalisation but also involves an element of burden-sharing … That is certainly the outcome that the government is looking for.” <\/p>\n
The ECB is opposed to cutting returns treating senior bondholders, which it fears may undermine investor confidence. <\/p>\n
But the new government in the Irish Republic has said the state cannot afford the current EU-IMF bailout deal.<\/p>\n
European finance ministers will decide on what sort of concessions they can offer in coming weeks.<\/p>\n<\/p><\/div>\n<\/p>\n
See the rest here:
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