Dáil Éireann Debate, Tuesday - 12 February 2013
222. Deputy Michael McGrath asked the Minister for Finance if there are any clauses in the terms of the Irish Bank Resolution Corporation promissory notes which would be triggered in respect of Irish Exchequer issued debt in the event of non-payment of the 31 March 2013 instalment; and if he will make a statement on the matter. [6708/13]
View answerAs the Deputy is aware, this Government reached a conclusion to its discussions with the European Central Bank last week that delivered on our commitment to put in place a fairer and more sustainable arrangement on the IBRC Promissory Notes. Last week also saw the remnants of Anglo Irish Bank and Irish Nationwide removed from the financial and political landscape. Following the exchange of the Promissory Notes for long dated Irish government bonds last Friday, the Promissory Notes have been cancelled, the circumstances raised in this question have been overtaken by recent developments and the scenario raised cannot now occur.
