The original shareholders of the Irish banks, the subordinated debt holders and the shareholders of the foreign-owned banks split the remainder between them. Europe and the Irish fiscal adjustment So far I have not spoken much about the adjustment of Government spending and taxation, i.e. what is now being called “austerity”. Let’s be clear about this.
When Ireland lost access to the markets, the availability of borrowed funds depended on the foreign official lenders. They have authorized sufficient funds for what has to be described as a rather gradual glide-path  3  4  Almost all of the unguaranteed senior bonds of IBRC have now been repaid.