Why are Europe so keen for these notes to remain? Surely they too recognise the current level of debt in Ireland is unsustainable? If we don’t solve the problem before it hits, surely it’ll affect all of Europe?

1.The cost of borrowing goes up because there is a risk you will not be able to pay your debts. Q: If Ireland actually defaulted would the cost should drop in the future because we are no longer at risk…unless we build up another huge debt mountain? 2. Greece tried again recently to get Germany to repay debts that have been long outstanding and Germany refused and insisted Greece repay their debts. 1. Could Ireland not just refuse to pay the debt.

I’d like to know they’re not being paid…thank ya very much!

Is it legal what they did transferring private banking debt to the Irish people, and where does it say on these contracts that of the bank can’t pay the Irish tax payer will take on the debt and pay it back ? Bet that question won’t be answered

It was an Irish solution to an Irish problem. The state writes an IOU worth 31 billion gives it to IBRC who cashes it in with the Irish central bank to pay off bondholders,depositors,the ECB and others. We never found out what interest rate the central bank charged but by 2031 the state has to pay IRBC the 31 billion plus about 16.9 billion in interest. IRBC gives this money back to the central bank who burns/ destroys 31 billion euros. now the crazy part because the central bank is also a part of the state it then gives the 16.9 billion back to IRBC which passes it back to the state after taking a working profit. so if you live to 2031 you will have lived through misery just to be handed back the 16.9 billion which is being taken out of the economy every year up to 2020 because by then the IRBC will be wound up. so the bondholders,depositors,the ECB and others were paid in 2011 so I am not sure how we can burn them? we are in a repeating loop between the state, IRBC and the central bank of Ireland. Anyone still confused?

The ordinary joe just wants to know when will there be jobs so we can start living again. My car needs tax and one tyre this month. Thats 5weeks dole now. Never mind fuel for a car. Outrageous bills now with everything going up an money in the pocket going down……

The only thing one needs to know about the promissory note is that the current government coulden’t be doing a worse job in their negociations with the europeans

I want to see the private institutions that we propped up pay these payments.. to keep them honest Haha in future ha ha ..

So we essentially plough 30 billion into the ground (paid for by the tax payer)…. better idea…. €7,500 for every man woman and child in the country : ) (Calculation assuming 4 million people in Ireland). Watch what happens to the domestic economy then!…. what recession.

Alright, we’re exiting the bail-out program so at the end of this year (2013) therefore surely we should be allowed to default on the debt for 2013 & 2014 in March of both years, why isn’t that the case? The reason I ask is how can the markets react positively to Ireland re-entering the bond markets if we’re still paying off ‘IOU’s’ this year and next. Thank you.

Why is the money repaid taken out of circulation?

one question i would like answered journal.
why have the triochet letters been put into storage for the next 30 years?

there is a way to force a referendum on this:

It is possible to have an “ordinary referendum” in Ireland. An ‘ordinary referendum’ is one that does not relate to amending Bunreacht na hEireann (the basic law of Ireland or Irish Constitution). Since the foundation of the Irish State however, no ordinary referendum has ever been held.
An ordinary referendum would take place if the Irish President received a joint-petition from both houses of the Oireachtas (the Irish Parliament). That is, the Dáil and the Seanad. The petition would set out that a proposed Bill was of such national importance that the will of the people of Ireland should be found out before it became law.
The joint-petition must be passed by the majority of the members of the Seanad and one-third of the members of the Dáil. When the President receives the petition, he or she must consult the Council of State.
If the President decides that the Bill contains a proposal of such national importance that the will of the people of Ireland should be found out, he or she will refuse to sign the Bill until a referendum has been held.
The referendum must be held within 18 months of the President’s decision not to sign the Bill. This referendum gives the people of Ireland a chance to decide whether the Bill should become part of Irish law.

I think theres a good chance one third of the dail could be swayed and at least a 50/50 chance in the seanad
desperate times desperate measures people!

How can the ECB decide that the proposed arrangement is illegal? The ECB is not a court and has no judicial powers. I think this is another distraction as Enda and his cronies desperately seek to deflect blame onto “the foreigners”.

Why the people in charge of them are fcuking spineless yay sayers to act like ladies of the night to their European friends.

Besides pissing off the ECB what’s the negative of just not paying it since the markets believe a deal will be done . It’s nit real money anyway.

SIMPLY DON’T PAY ANYTHING. THEN THE IRBC WILL DEFUNCT. THAT DEAL WAS MADE WHEN FF WERE IN POWER. KENNY, GILMORE & CO. SHOULD JUST GROW A PAIR AND SAY THE DEAL HAS NOW CHANGED. KEEP IT SIMPLE PEOPLE.

A dumbass would know not to pay. Doesnt say much for our treacherous goverment who fail with every decision the traitors.

I want to know will they promise to give me some??!

Don’t worry ill close the door on my way out.

I still don’t know what a tracker mortgage is, so this is way beyond me.

Still don’t understand why we can’t pay back when we decide to pay it instead we do still effectively owe this money to ourselves and what is going to happen Is Germany going to implode over 30billion I don’t think so ,so tells them they can have the money in 2100 or 2200 the longer it takes the smaller the ultimate bill will become due to inflation etc why do we have to pay it back to ourselves in such a short space of time and if as reports seem to suggest that the then minister for finance had a bit of a human to his head could we not just say thanks lads it was your idea that our banks could not fail so you kinda owe us one

I think it is interesting that the government state that if we don’t pay the promissory notes we won’t be deemed credit worthy by the bond markets. I would argue we would be a better credit risk should we refuse to pay the total 61 billion we owe for foreign bank debt and I am sure the bond markets would recognize it.

Lights going off, mind wandering. What would Homer do?

Hi Journal

I have a couple more questions, I hope its not too late,

1. Of the toxic loans that went to NAMA what percentage accounted for personal mortgages and personal loans
2. What percentage were commercial loans
3. How many individual cases including personal and commercial were transferred to NAMA
4. How many cases on the books of NAMA are personal debts
5. How many cases on the books of NAMA are commercial debts

Thank you

Could we not we not just “tell” them we’re paying it Ted?

I would like to know if it was legal to issue them in the first place. how can two people make such a decision without debate in the dail or Seanad or amongst the people who bear the ultimate burden as we are held to it at huge cost for next twenty years? surely it could be held that they did not understand the full implications and therefore its null and void. Has the Law Society in Ireland looked into this?

The indo mentions pg 7 Jan 29th that the law Society are currently busy reviewing their top four Salaries..perhaps they might take time to review the promissory notes and any legality issues that might exist ? ???

If we don’t pay the promissory note are we not agreeing to not pay ourselves the 30 billion since the govt own the debt any way and it is in essence a note to pay back to ourselves so why print the money in the first place if I wrote an i o me 5000grand it doesn’t mean I have 5grand I have just written it down on a piece of paper that is all the promissory note is it doesn’t really exist as money

if the central bank can magically make the money disappear,why cant they magically make the money reappear,
lets say 30years down the line….!!!!

The 30 billion from Anglo has been spent, loaned out to every developer without any checks. It could never be paid back and the European banks, pension and investment funds want their rightful money back. Defaulting on it could mean a pensioner in Germany who worked for 45 years would have no pension. As you can imagine he wouldn’t be happy if we defaulted. Similar happened when Iceland defaulted when one of its banks folded. British and Danish pensioners and investors lost out only that their governments stepped in. Iceland will still end up paying this back.
As we depend on exports and imports we could be cut off very quickly if we defaulted. We learnt a harsh lesson in the past during the Economic War when DeValera’s failures meant Britain wouldn’t take our exports and we were consigned to poverty and mass emigration.
We have no guns to shoot with and until the problems have been sorted in Spain, Italy, Greece we are going nowhere.

I’d like to know of they would accept 60c on the euro for them. Iceland paid 0c so 60 seems reasonable.

Not paying them is highly irresponsible and would give us more expensive lending.

yawn….