IMF veto meant we couldn’t burn Anglo bondholders, inquiry hears
Ireland could have saved around €3bn by burning Anglo's bondholders - but the US stepped in to block a deal, according to a top civil servant giving evidence at the banking inquiry this morning.
Ann Nolan said the United States used its veto at the IMF to stop Ireland from burning unguaranteed bondholders at what became IBRC.
She told Fine Gael's Kieran O'Donnell that this was the only reason some bondholders were not burned.
She said: "I certainly think if there had been no veto, burden-sharing in Anglo would have happened."
