Anglo Irish Bank has moved closer to securing agreement to buy back subordinated debt originally valued at €500m for €100m.
The bank has held the first of two meetings with the bondholders and secured agreement to buy back the debt for a fifth of its original value. The deal will generate a profit on the bank's books.
A second meeting will be held on December 22 at which a final offer will be made. If bondholders refuse the offer, they will be offered just one cent for every €1,000 face value of the debt.
