Reports of postponement of promissory note payment affords some breathing space to conclude a comprehensive settlement
The final outcome of the negotiations underway on the IBRC promissory notes must result in a reduction in the actual burden of bank debt, according to the Fianna Fáil Finance Spokesperson Michael McGrath.
Deputy McGrath was responding to media reports this evening that the Governor of the Irish Central Bank Patrick Honohan will tomorrow ask the European Central Bank Governing Council for permission to effectively delay a cash payment on the Anglo Irish promissory note due at the end of this month.
Deputy McGrath stated, “Last week, I said that, at a minimum, the Government should be seeking to postpone the €3.1 billion payment due at the end of March. Speculation this evening that the Governor will put this proposal to the Governing Council of the ECB is to be welcomed.
“The postponement of the payment would give Ireland some breathing space to conclude a comprehensive settlement on the banking debt. In those negotiations, I believe the Government’s objective should be to secure a reduction in the actual burden of bank-related debt.
