Initially I thought it was to allow restructure and eventual sale of the company, without going through the hassle of nationalisation and a completely new IPO.
Then I read this:
http://ntma.ie/Publications/2010/SubDebtBurdenSharing.pdf
My bold.Thursday, 7 October 2010: Following the Statement on Banking made by the Minister for Finance on 30 September 2010 there has been some uncertainty among market observers and participants about the intended treatment of subordinated debt in issue from Irish banks.
In order to clarify the position the Minister has advised that prospective resolution and reorganisation legislation, insofar as it affects subordinated debt in issue, will apply only to such debt in issue from institutions which are not listed on a recognised stock exchange, are in 100 per cent State control and cannot survive in the absence of total State support.
Note that AIB isn't going to be delisted from a recognised stock exchange, nor pass into 100% state ownership.
Comfort for AIB subordinated bond holders then. Thanks for that Brian.
Yours sincerely,
Taxpayer Bled-Dry Esq.
Oh, forgot to add. Can anybody name a bank that is not listed on a recognised stock exchange, is 100% owned by the Irish government and cannot survive without State support?
Anyone?
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