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Promissory notes

Businessman seeks judicial review of act related to promissory notes

Businessman David Hall is seeking a declaration that the part of the Credit Institutions Act under which the Minister for Finance can issue promissory notes be declared unconstitutional.

A DUBLIN BUSINESSMAN has sought a judicial review in the High Court of the Credit Institutions Act, under which the Minister for Finance can issue promissory notes to the IBRC.

RTÉ News reports that David Hall is seeking a declaration that part of the act be declared unconstitutional.

Hall was represented by John Rodgers SC in court. The case will return to court on Wednesday morning. Hall is taking the case under his own name, and it is not connected to New Beginnings, of which he is a founder.

Negotiations are currently underway with EU authorities “on the basis that the €3.06 billion cash installment due from the Minister to IBRC on 31 March 2012 under the terms of the IBRC promissory note could be settled by the delivery of a long-term Irish government bond”.

IBRC is the organisation formed following the merger of Anglo Irish Bank with the Irish Nationwide Business Society.

The payment is due on 31 March.

Read:  No ECB decision yet on Noonan’s promissory notes proposal>

Read: Central Bank warns – Ireland’s economy is still ‘fragile;>

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