Anglo Irish plans to buy back debt

Updated: 16:35, Wednesday, 22 July 2009

Anglo Irish Bank has announced plans to buy back some of its debt at a discount, following similar moves by AIB and Bank of Ireland.

1 of 1 Anglo Irish Bank Plans to improve capital strength
Anglo Irish Bank
Plans to improve capital strength

The nationalised bank is offering to buy back seven different types of debt.

The bank is offering to pay between 27% and 55% of the value of some of the bonds.

€1.95bn of the debt is in euro, and £1.1m in sterling.

Anglo's offer to bondholders closes at 5pm on 30 July.

Banks are taking advantage of steep discounts in the debt market to improve their capital strength by buying back bonds at cheaper prices.

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