I'm sorry but this is incorrect. You really should have followed the link. The State Savings web site clearly says: "Funds invested in State Savings Fixed Term products and Prize Bonds are placed in the Central Fund of the Exchequer and are used to fund Government expenditure. They form part of the National Debt of Ireland. The repayment of all State Savings money is a direct and unconditional obligation of the Government of Ireland."
Note that State Savings are part of the Central Fund and not held separately. To say that the state would treat such creditors differently is just speculation.
The government didn't confiscate deposits, it wrote them down and converted them to equity in same banks.
surely there is also a likelihood that the tax payable on Stock and Property related gains will increase substantially.
Which is fair enough. And it should have happened here. In Ireland, Anglo was nationalised and all deposits, creditors and speculators were made whole.
Of course, the Government can default/restructure sovereign wholesale debt without an equivalent treatment of widows and orphans. Even if there was some rule that all creditors would be treated equally the Government would easily get round that by saying that the first 250K of all individual debt would be honoured.
I wouldn't be overly concerned, it's all make-up money these days. The whole global economy is on the hook for unimaginable and unrecoverable amounts of debt.
So the national debt will rise to €220 billion while the economy is at risk of a serious decline.
Yes but debt interest costs will fall from €3.85bn this year to €3.55bn next year.
Not sure that people should be lending to the Irish government (i.e. buying Savings Certs) if there is an alternative.
But our children and grandchildren and their children and grandchildren will be paying for this.