Promissory Note Negotiations

Dáil Éireann Debate, Wednesday - 9 July 2014

Wednesday, 9 July 2014

Questions (50)

Stephen Donnelly

Question:

50. Deputy Stephen S. Donnelly asked the Minister for Finance further to Parliamentary Questions Nos. 109 and 125 of 1 July 2014, when he stated that we have successfully negotiated the promissory notes transaction, the role our partners in Europe had in those negotiations; if it extended beyond the European Central Bank noting that the swap between promissory notes and sovereign bonds had taken place; and if he will make a statement on the matter. [29978/14]

Written answers

Minister for Finance

The successful swap of promissory notes into bonds was a significant landmark and contributed to enhancing our debt sustainability by putting the funding on a more secure basis.  Before moving to this new arrangement, we consulted with our EU partners.  These consultations should be seen in the context of our on-going effort to enhance our debt sustainability and the dialogue which we maintain with our partners on  a range of issues.  We have excellent relations with our partners and we engage on an on-going basis.  It should be noted, however, that EU member states did not have a role in approving the arrangement.  The Governing Council of the European Central Bank unanimously noted the arrangement.