Ireland: Freeze the Anglo Bonds

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Freeze the Anglo Bonds

We are launching our campaign to freeze the remaining €25 billion of ‘Anglo bonds’. The campaign is launched in the wake of the so called ‘Anglo tapes’, which reveal how Anglo executives misled the government before the issuing of the 2008 bank guarantee. The people of Ireland must not be held responsible for this criminal debt, and charges must be brought immediately against those who defrauded the state. The Anglo bonds must not be traded.


Instead of insisting on a write off of the Anglo debt, the Irish government converted the Anglo Irish Bank / Irish Nationwide Building Society ‘promissory notes’ into sovereign bonds with a longer repayment period but with no element of cancellation. €25 billion of these bonds are currently held by the Irish Central Bank and are scheduled to be traded on the markets. This ‘deal’ was concluded only hours before a legal challenge to the promissory notes was due to be addressed in the Supreme Court. The government earlier chose to vigorously defend the promissory notes arrangement when the case was heard in the High Court.

What the Anglo Tapes tell us

The ‘Anglo tapes’ show that the Anglo debts originated on the basis of deliberately misleading information. We question the timing of the release of the tapes and request that the full content of the tapes be publicly disclosed. We want to know who knew of the content of the tapes which, had they been made public earlier, would have led to massive public pressure to write off the Anglo promissory notes last February. This debt is illegitimate and should be written off.

Take Action

Over the last 4 years the government has entirely failed to bring the bankers to justice through the existing criminal system, we now encourage the people of Ireland to submit complaints of suspicion of financial crimes in Anglo to the Gardaí, for example under Section 6(1) of the Criminal Justice (Theft and Fraud Offences) Act 2001.