Lawyering by Googling
It’s not recommended. But it’s prompted by Brian Cowen and Brian Lenihan’s repeated claims that bank senior creditors are pari passu with depositors, therefore you can’t burden-share with one without burden sharing on the other (i.e. the ECB, the Central Bank, and us). So you start using your favourite search engine to get some information on the actual interpretation of pari passu clauses and you come across –
There still remains doubt, however, as to whether other courts, in the U.S. or abroad, will follow the interpretation adopted by the Belgian appellate court in that ex parte proceeding, namely, that instruments containing pari passu clauses require ratable payments to all creditors of the same class, whether or not the debtor or issuer is in formal bankruptcy or liquidation proceedings.
In other words, there is no consensus on whether new payments have to be made equally to all creditors of the same rank even if the debtor is not in liquidation. What pari passu certainly does mean is that all equally ranked creditors have to get the same shares of a debtor in liquidation. Without Irish exchequer support to, e.g. Anglo, that would be an equal share of not very much.
But the Department of Finance has actual fee-charging lawyers working on our case, so presumably they can come up with better than that.