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Dublin: 10 °C Tuesday 18 June, 2013

Read in full: Mario Draghi’s letter to Fianna Fáil’s Michael McGrath

The Fianna Fáil finance spokesperson has called on Michael Noonan to hold face-to-face negotiations with the European Central Bank president after he wrote to him last month.

FIANNA FÁIL HAS has called on Finance Minister Michael Noonan to hold “face-t0-face” negotiations with the European Central Bank president in a bid to secure a deal on the Anglo Irish Bank promissory note.

It comes after the opposition wrote to the European Central Bank (ECB) president Mario Draghi outlining the reasons why Ireland deserves a deal on the controversial €3.06 billion payment due at the end of next month.

In response to a letter from the party’s finance spokesperson, Michael McGrath, Draghi says that he is “fully aware of the resilience displayed by Irish citizens” in what he says is a “necessary but difficult adjustment process”.

On the issue of the promissory notes, Draghi says that the ECB will continue to discuss with the Irish authorities “what may be achievable with respect to the promissory notes, within the confines of the treaties that govern our monetary union”.

McGrath had written to the Italian banker saying that it makes “no logical sense” to pay the promissory note on 31 March and called on the ECB to “facilitate the necessary steps” to bring the promissory note issue to a conclusion.

“Ireland needs and deserves a very good deal as an outcome to the current negotiations,” McGrath wrote.

In a statement issued with the letters released to the media this morning, McGrath said: “Minister Noonan needs to have as many direct face to face meetings as are necessary with the ECB President over the next eight weeks to get this deal over the line.

“This direct dialogue between the government and the ECB needs to start immediately.”

In full: The letter from Michael McGrath to Mario Draghi

In full: Draghi’s response

Gilmore: This is a critical time for discussion on promissory notes

Read: Everything you need to know about the promissory notes, but were afraid to ask

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Comments (49 Comments)

  • Draghi’s response is like kenny’s usual answers, absolutely no substance whatsoever.
    ” ah, sure yer doing grand, europe is proud of you”

    No good to us, buddy, no use at all.

    Reply
  • Regardless of any deal done it is NOT our debt #EndOf

    Reply
    • I know we can look forward to the usual SF guff here, but as a citizen I am glad to see FF as an opposition party trying to be constructive.

      Reply
    • Really Seamus, have you forgotten who got us in this mess and who’s paying for it?

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    • Just a pity when in power it was party first,friends second and citizens/country last!

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    • Scarr 04/02/13 #

      @seamus – I too am happy to see FF in opposition, let’s hope they stay there.

      Reply
    • Draghi and the EU know well who FF are, having some of your people turn up at meetings still reeking of drink does not make much of an impression. Neither does bankrupting a state just to save your party donors.

      Mc Grath isn’t the worst of him, he is not that smart but he is still going to be handicapped by the name of his party and by the presence of ancien regime people.

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    • I love the fact Stephen that u can blame every1 else for this mess we are in but not us as individuals. We all have to accept responsibility. We let ff do as they pleased. We the people, who constantly knock them now, voted them in for three terms. Why?because they let us spend, borrow, spend, borrow again and so on and so forth. No matter what party or what politician were there it would have happened. Have a good look at yourself again before you blame Ff again.

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    • Julie 04/02/13 #

      Hi Tom firstly are you or real? Not everyone in Ireland went mad as our lovely Taoiseach said, I have no debts never had a credit card etc. people who did it was being pushed on them by banks telling them to take out higher mortgages and credit cards, more money more profit for the bank, now we the citizens most are not bankers we trusted the banks to give us honest information but they just wanted to dish out loads of cheap credit.

      Where was the government, aren’t they ment to regulate the banks. This golden circle millions being lent out to property developers with no security and not having even gone through the proper channels of application.

      Where was the government, they didn’t regulate at all an they knew what was going on that is obvious? Brown envelopes in Galway tents to be quite and the same business men giving massive donations to the party.

      So look go away with “think before you blame ff again”, I think that most of the country have taut about it and we are sure FF are to blame.
      We also know that all cuts and taxes implemented are FFs so they were going to continue screwing us

      Ridiculous bailout conditions and requirements and oh let’s not forget, billions of private debt, illegally transferred to the tax payer.

      Go away now Tom with the oh FF are not to blame, Irish citizen 10% for believing everything we were being told, banks and government 90% to blame !

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    • Tom has a point. Over 40% of the electorate voted for FF. A party that has had every leader in 40 years resign in disgrace, many with serious questions regarding criminality surrounding them. Nearly half of the Ministers for Justice of the party over the last 40 years are people than you would not trust to mind a dead sheep. The entire culture of the org. is of admiration for stroke politics and corruption. They have the worst economic record of any political party in Europe since WW2.

      People voted for incompetent criminals and expected them to act like decent people. FF set the bar for failure and crookedness and we’ll never see a party again as bent. The current crowd for all their eejiting are like shoplifters to FF’s mafia.

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    • I agree with a lot of what u have to say. The financial regulator that was in place from 2000 to 2010 should be in jail for what in did to this country. Bertie and Brian shouldn’t be far away from it as well. And still having said all that I didn’t see any bank with guns to people’s heads telling them to borrow more and more. I’m not on this to promote Ff, but I just think we need to accept responsibility for what we did. As parents we teach our children to accept responsibility for your actions. So now as adults we have to accept what we did in the boom times was wrong.

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    • Julie 04/02/13 #

      Only 40% so happy that 60% had some cop on, we suffer because of 40%. I agree with P but Tom is saying something very different he is saying it is our fault we went mad spending. That is just not true, look at the nudge thing in England, same things applied with banks ,I had banks in our college targeting 18 year olds with credit cards of 450 and overdrafts of 650 if they opened an account in 5 mins without giving any info about job etc you had over 1000 euro. That shouldn’t have been allowed. A lot of 18 year olds did take the money !

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    • Tom. No doubt there was reckless borrowing and spending by a lot of people. They will all have to pay their way or loose their homes*. Many of the Galway Tent crew both Govt. and developers were engaged in whole scale criminality though and will be protected by the system and the party. This is the key difference between a severe recession and an economic collapse.

      *From an economic point of view the debt relief should be at the bottom, as this would encourage consumer spending and growth and would be much cheaper for the taxpayer.

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    • Vote SF they fought for our country, they can’t be any worse than the rest

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    • @Tom
      Just one point Tom you seem to miss
      The anglo promissory notes are from a private bank which was used as a casino for rich men trying to get richer
      the 30 billion is for their reckless gambles not the peoples debt
      the people didn’t get a bailout like the gamblers they still have the debt which they pay every month in there mortgages and loan repayments
      please dont mix the two up

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    • The SF drones have outdone themselves today LOL.

      Look at the profiles of some of these posters, it looks like they joined twitter for the sole purpose of trolling this story!

      Well done Michael McGrath and Fianna Fáil.

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    • @Seamus
      and your point is?

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    • Julie 04/02/13 #

      Seamus what exactly are you talking about ?

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    • Can i just point out in regards to the claim that 40% of the population voted FF. Firstly only 69.9% of the total elegible population voted which equates to 2,139,000 of that 40% voted FF which was 855,600 which infact is 18% of the overall population of ireland.So how is it that we are to blame for all this, maybe someone can explain it to me once again.

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    • Point taken frank

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  • Thank you Irish people for paying for our Ponzi money systems. Your politicians that we “advise” will make the best possible decisions for making us infinitely wealthy while enslaving you. This particular politician is particularly ignorant of our system, and if he does start to figure it out we will pay him off.
    At all costs be sure not to research how we manipulate you. Remember for men there is a match on tonight, and for the ladies there are back to back soaps on.

    Reply
  • Question.? Who negotiated this deal day one.?

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  • I thought it was only the German who are allowed to leak stuff about the Irish, not fair deputy Mc.Grath

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  • At the very least, Michael McGrath is keeping the Irish people informed about the promissory note negotiations instead of using that condedcending line Enda’s beenusing to dismiss all queries into negotiation progress; “The negotations are very complicated…”

    Reply
  • Declan 04/02/13 #

    Very rare would I agree with FF, but time is of the essence & a steely determination is urgently required from our present government in relation to this particular payment.

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    • What is happening with this is what FF arranged to happen. These cuts and these terms were put in place by Cowen and Lenihan and FF. McGrath had no problem with them before and is just playing politics now.

      That said the current Govt. should not have gone along with the previous one’s plan. If you act like a thief then you are going to be hated like one.

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    • P Capoore maybe you are right but the present government embraced the FF policies with gusto when they got in.So any ballot box pain they get is entirely their own fault.They have delivered two regressive budgets since taking office.They had choices but went after the most vunerable in society instead.

      Reply
    • The present Govt. are screwing the people by legal means, FF screw the Irish usually by illegal means. Not much margin in it for us either way.

      Reply
  • Julie 04/02/13 #

    FF talking about how hard it is on the Irish because of the awful cuts and taxes, am I missing something, but didn’t FG just copy all the policies FF had and implement them, so every bit of suffering people are feeling would have been felt exactly the same had FF gotten in. FF and FG are very similar, they will both LIE to get where they want don’t be fooled. And don’t forget.

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    • FF Ministers walked away with 6 figure pensions and are in to directorships now etc as far as the party is concerned it has worked out great. Bit rough on Paddy, but that isn’t their problem.

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  • where are the letters gone? treid reloading the page a couple of times n all. still no joy

    Reply
  • Julie 04/02/13 #

    FF talking about how hard it is on the Irish because of the awful cuts and taxes, am I missing something, but didn’t FG just copy all the policies FF had and implement them, so every bit of suffering people are feeling would have been felt exactly the same had FF gotten in. FF and FG are very similar, they will both LIE to get where they want don’t be fooled. And don’t forget.

    Reply
  • David 04/02/13 #

    How blind all the people slating FF, you honestly think FG/Labour are our saviours? None of them give a toss about the opinions of their citizens. Come the next election,they’ll measure the mood of the country and weave another web of lies to get elected. The gullible will duly oblige. We need stronger independents to run and try to break the back of these parties. All we have now is a Dail full of ‘Yes’ men.

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    • David FG/Lab got in only because they were not FF.But don’t worry this present bunch will get a kicking too.

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    • No we don’t think that FG are going to save us but we sure as hell know that FF aren’t even going to try, if you want to help the country and are in FF then one would be a lonely fool at a cumann meeting. The civil war parties have failed utterly, they need to be broken up and replaced.

      Reply
    • Come the next election, Sinn Fein will hit an invisible barrier of about 10% – 15% of the popular vote unless both Gerry Adams and Martin McGuinness step down first, given their IRA links. Look what happened to Martin McGuinness during the Presidential election. He ran a pretty good campaign from start to finish but wound up with just 13.7% of the popular vote.

      Independents have historically played only a marginal role in Irish politics and they will continue to do so.

      That means that, unless a new party emerges, the only alternative is Fianna Fail.

      Reply
    • Julie 04/02/13 #

      Our only alternative is FF, SF have my vote troubles are not my past I’m 22 , FF is in my past, Galway tents and corruption, Gerry Adams has put the violence aside and went the peaceful road , FF are still corrupt to the core. If they get in again I’m never coming back to Ireland along with a lot more Irish in Australia.

      Reply
    • So, you forgive the past of one group, but not the past of another?
      Can you make your mind up?

      Reply
    • Julie 04/02/13 #

      Yes I guess seen as IRA are gone there was a peace process and there is now peace up the north and SF are callin for a truth and reconciliation process yes I am willing to not forget the past but to put it to one side for the sake if my country. As for forgetting FF past what have they done have they apologised, no, instead they were going to bring in all the same policies that FG have been implementing, so they were just going to screw us again, we are still feeling the effects of what FF did. They have no remorse and there has been no investigation into what was the scale of corruption etc we still don’t know and still have no apology so no I won’t forget there past, it was 2 years ago I don’t class that really as past. 14 years ago that is past !

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    • Julie have you evidence to suggest FF are corrupt ? Can you please furnish that evidence ASAP so we can see it! Your talking your usual bullshit Julie you simply have not got a clue.

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    • Julie 06/02/13 #

      Mahon and planning tribunals, Galway tents, bribes, brown envelopes, the dog on the street knows FF is as corrupt as they come. Just look at the story of the laundries. Their bank regulator turning a blind eye to the massive scandal going on in the banks. Etc etc etc. now can you quote me where I am always talking bullshit? Please.

      Reply
  • The Only solution is to Leave this EUROPEAN UNION dictatorship, the only way Ireland and other European countries can doing well again and be able to beat this corrupt bank system which continue to do the interest of the BANKS which are all Private nothing to do the EUROPEAN Sovereignty …. wake up people before is to late ….

    Reply
  • FF loyalty is to FF scams and brown envelopes plus electing leaders who have been flexible with the truth and the country a low second to serve FF desires . FG loyalty is to European Federalism and Germany. Labour is loyal to the larger party in coalition to do there bidding. That’s my view on the Political parties who have destroyed this country in the last 2 Governments with minor actors of Extreme right wing FG aka PD’s and Greens dismantling public transport.

    Reply

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