As the Deputy is aware the Government is committed to reviewing the approach to the Promissory notes with a view to reducing the overall cost to the State. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will consider all options for restructuring the notes in terms of the source of funding, the duration of the notes, the interest rate etc. In tandem with this technical review of the Promissory Notes In tandem with this review the European authorities have opened a discussion on how best the Irish banking system and the Irish State can benefit from having a final restructuring of some of the elements of the banking sector. The overall purpose would be to ensure that banks in which the State has a major investment would enhance in value, making it possible further down the line to sell the State shareholdings in those banks the proceeds of which would, in turn, reduce the overall debt situation. A number of approaches are under consideration but it must be emphasized that nothing is agreed at this point.
The Government has commenced discussions at political level to garner support for an approach which is more beneficial to the Irish State.
As already indicated I have met with Commissioner Rehn and Mario Draghi President of the European Central Bank, in this regard. The matter has also been discussed at every opportunity and at various levels in the European arena. The Deputy will appreciate that much of the discussions, at this point, are on an informal basis. As soon as the technical discussions are concluded a more formal and structured approach will be adapted to ensure political support.