Tonight speaking in Dáil Eireann, Finance Minister Michael Noonan, announced that a deal had been brokered on the Anglo Promissory Note which is due to be repaid. An excerpt from his speech from politics.ie
Firstly, there is an issue that I wish to bring to the attention of the house as the Government has always committed that we would inform the Dáil about any development concerning the payment of the promissory note at the end of this month.
In more recent months, we have been involved in technical discussions on reducing the burden of debt associated with the recapitalization of the banks. In particular our focus has been on the Promissory note arrangement that was put in place to fund the Irish Bank Resolution Corporation – formerly Anglo Irish Bank and Irish Nationwide. This is an arrangement, which requires the State to make cash payments of €3.06 billion each year to IBRC. There have been some developments on this issue during the day.
The discussions with the European authorities on the general issue continue but we are now negotiating with the EU authorities, and principally with the ECB, on the basis that the €3.06 billion cash installment due from the Minister to IBRC on 31 March 2012 under the terms of the IBRC promissory note could be settled by the delivery of a long term Irish Government Bond. The details of the arrangement have still to be worked out.
More as details become clear.
- Summing up the Anglo bailout (irishexaminer.com)
- Ireland still some way off deal on Anglo €31bn IOUs (irishexaminer.com)
- Irish government strategy for dealing with Anglo’s promissory notes – thanatosis (namawinelake.wordpress.com)
- Noonan’s bluff: time to call the minister on his four month-old claim of negotiations on Anglo’s promissory notes (namawinelake.wordpress.com)
- Government is apparently exaggerating its efforts to deal with Anglo’s promissory notes (namawinelake.wordpress.com)