US blocked Ireland burning Anglo bondholders

That is according to a top civil servant giving evidence at the Banking Inquiry this morning.

Ann Nolan says the United States used its veto at the International Monetary Fund (IMF) to stop Ireland from burning unguaranteed bondholders at what became IBRC.

She told Fine Gael's Kieran O'Donnell that this was the only reason some bondholders were not burned.

“I certainly think if there had been no veto burden sharing in Anglo would have happened” she said.

When asked how much that would have saved, “3.6 billion”.

“You mightn't have got it all cause you know the way this burden sharing works, but I think that certainly we might have got 3 billion out of the 3.6” she added.