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Promissory Note Negotiations

Dáil Éireann Debate, Wednesday - 16 January 2013

Wednesday, 16 January 2013

Questions (141, 152, 153, 189)

Michael Healy-Rae

Question:

141. Deputy Michael Healy-Rae asked the Minister for Finance if persons can look forward to a deal being struck on the Irish Bank Resolution Corporation promissory notes being completed before the summer of 2013; and if he will make a statement on the matter. [1270/13]

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Thomas P. Broughan

Question:

152. Deputy Thomas P. Broughan asked the Minister for Finance the position regarding the next promissory note payment; if Ireland has made detailed proposals to address the resolution of this financial drain; and if he will make a statement on the matter. [1448/13]

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Thomas P. Broughan

Question:

153. Deputy Thomas P. Broughan asked the Minister for Finance if the promissory note issue was resolved, the envisaged impact on the national budgetary finances for 2012/13; and if he will make a statement on the matter. [1449/13]

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Micheál Martin

Question:

189. Deputy Micheál Martin asked the Minister for Finance if there will be a deal completed on the promissory note in the near future; and if he will make a statement on the matter. [56514/12]

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Written answers

I propose to take Questions Nos. 141, 152, 153 and 189 together.

As the Deputies are aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners and detailed work will continue to ensure that positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer.

The on-going discussions are considering all options in relation to the promissory notes (in terms of the source of funding, the duration of the notes, the interest rate applicable etc.) as well as potential avenues for the wider bank debt deal and the impact of these options on IBRC. This work is one of the Government’s key priorities and will remain a key focus during the EU presidency.

The terms sought by the Government are those which achieve the best possible outcome for the Irish taxpayer. It is not possible to give guidance on the timing or potential outcome of the discussions as to do so could impede our ability to achieve the best possible results, but every effort is being made to expedite the on-going process.

I have previously stated that I am working to try and achieve a solution before the next scheduled instalment on the Promissory Note scheduled for March. It would be very difficult for Ireland to make a payment on that date and so we continue to work on a deal with our European partners to resolve this issue.

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