THE DÁIL and Seanad are set to work overnight to debate government legislation which would liquidate the former Anglo Irish Bank, and see the end of the promissory notes that currently cost Ireland €3.1 billion a year.
In exchange for the deal, however, the government is hoping to strike a deal with the ECB which would see it issue long-term government bonds instead.
This would dramatically reduce the taxpayer’s annual bill, and get rid of the €3.1 billion repayment – but it would also mean turning the promissory note, which could be considered sovereign debt up to now, into a fully-fledged government bond equal to any other kind of national debt.
So – if it means having to officially nationalise the burden of saving IBRC, would you support a deal that defers the bill for saving Anglo Irish Bank for several decades?
In other words, do you support the government’s plan to switch the promissory notes for government bonds?