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Breakthrough on Anglo promissory notes?

Einhard · 2012-03-21 21:34:59

Seems like some form of deal is in the offing on the Anglo promissory notes. Details are somewhat sketcy at the moment, but if, as seems the case, the deal results in savings for the taxpayer, then it's to be welcomed. http://www.rte.ie/news/2012/0321/anglo.html

21-03-2012 9:34pm

#1

Einhard

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Seems like some form of deal is in the offing on the Anglo promissory notes. Details are somewhat sketcy at the moment, but if, as seems the case, the deal results in savings for the taxpayer, then it's to be welcomed.

http://www.rte.ie/news/2012/0321/anglo.html

The Minister for Finance has said that the Government is now involved in negotiations with the European Central Bank that may result in the effective restructuring of an Anglo Irish Bank promissory note payment due at the end of the month.
The Government has been involved in technical discussions with the Troika over recent months aimed at reducing the bank debt burden.
Michael Noonan told the Dáil this evening that there had been a development in talks during the day.
He said that while talks on the general issue of bank debt were continuing, there was now engagement principally with the ECB on how the promissory payment of 31 March could be dealt with.
The State is expected to put €3.06bn into the Irish Bank Resolution Corporation (formerly Anglo) at the end of the month - the first of 10 annual payments.
Mr Noonan said they were examining whether this first payment could be settled by the delivery of a long-term Irish Government bond.
The effect of the deal would be to delay the cash payment by the State until 2025.

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