Anglo, INBS to be paid €17bn interest

Ireland is due to pay Anglo Irish and Irish Nationwide Building Society €17 billion of interest over 20 years on €31 billion …

Ireland is due to pay Anglo Irish and Irish Nationwide Building Society €17 billion of interest over 20 years on €31 billion of promissory notes it used to bail out the lenders, the Department of Finance says.

The Government issued the notes to avoid having to raise €30 billion more straight away for the banks last year. The banks used the notes as collateral to borrow funds from the Central Bank. – (Bloomberg)