This amounts to little more than a means of bilking the American taxpayer in order to liquidate an outstanding, long-overdue debt to the U.S. Treasury.
This broke a taboo on the restructuring of debt to multilateral agencies, and set up a framework for systematic debt reduction in return for overdue economic house-cleaning.
Mr Kenny said the disappearance of Anglo Irish Bank and the Irish Nationwide Building Society, which is also held by IBRC, from the Irish financial landscape was "long overdue" and that without banking costs, Ireland's debt levels would now be below Germany's.