Michael Noonan, the Irish Finance Minister, said that senior bondholders should share the losses and relief taxpayers in reference to the losses of Anglo Irish Bank Corp. and Irish Nationwide Building Society.

Noonan said in an interview with the Dublin-based broadcaster RTE yesterday we don't think the Irish taxpayer should redeem what has become speculative investment -- we don't believe it should be redeemed at par, and he added saying the IMF understood our position fully.

His stance is a reversal from the government's previous view that said it would not seek to impose losses on senior bondholders, a view also shared by the European Central Bank that opposes such a move.

Ireland had bailout the lenders and injected a total 34.7 billion euros over the past two years; now they are merging both lenders and winding down their assets over a 10-year period.