February 7, 2011 / 10:37 PM / in 7 years

Ireland presses for senior bank debt discount-finmin

DUBLIN, Feb 7 (Reuters) - Ireland is pressing its European partners to allow it to substantially discount unguaranteed senior bank debt despite opposition from the European Central Bank (ECB), the country’s finance minister said on Monday.

“We put the 20 billion (of senior debt outside of a government guarantee) on the table in the EU/IMF negotiations but the ECB ruled it out, but it’s still there in debate and we’re pressing for a substantial discount and for burden sharing,” Brian Lenihan told national broadcaster RTE on Monday.

“This debate is underway in Europe,” added Lenihan whose ruling Fianna Fail party are set to be dumped out of power after a parliamentary election on Feb. 25. (Reporting by Padraic Halpin)

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