Thomas P. Broughan
Question:239. Deputy Thomas P. Broughan asked the Minister for Finance the position regarding EU level negotiations on the promissory notes; and if he will make a statement on the matter. [5239/13]
View answerTuesday, 5 February 2013
Questions (239)
Written answers
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 focus of the on-going detailed discussions have progressed to consideration of all options in relation to the promissory notes, such as 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. As previously advised to the house, the terms sought by the Government are those which achieve the best possible outcome for the Irish taxpayer.
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 the Promissory Notes and so we continue to work on a deal with our European partners to resolve this issue.