ECB 'easing up' over bank debts
THE European Central Bank (ECB) may soften its stance on Ireland's plan to make bondholders at failed Anglo Irish and Irish Nationwide share the pain.
Finance Minister Michael Noonan (above) said earlier this week that he was resisting moves to fully repay €3.5bn of the safest type of debt owed by Anglo and Nationwide.
Mr Noonan is standing against paying off the debt because the two banks would have collapsed without government support and are being wound down.
Until now, the ECB has been bitterly opposed to any move to impose losses on the safest types of debt owed by Irish banks but now there seems to have been a change of heart.