The banks and the government will this week announce a series of coordinated steps to force burden-sharing on unprotected subordinated bondholders in Bank of Ireland, Irish Life & Permanent and EBS.
The moves are expected to raise billions in capital gains from heavily-discounted debt buybacks, which will reduce the state’s final bill for propping up the banking system. It follows a controversial forced buyback initiated earlier this month by finance minister Michael Noonan.
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