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Sam Boal/Photocall Ireland
Promissory Note

Government will not pay €3.1bn promissory note for former Anglo Irish Bank in March - Rabbitte

The Minister says he is confident of winning over the European Central Bank on the matter before March.

THE MINISTER FOR Communications Pat Rabbitte has said Ireland will not pay the €3.1 billion promissory note for the former Anglo Irish Bank when it is due in March 2013.

Speaking on RTÉ’s The Week in Politics programme, Rabbitte said the Government would not pay the ‘IOU’ entered into by the previous administration before the collapse of the financial institution, now known as the Irish Bank Resolution Corporation (IBRC).

The Minister conceded that the European Central Bank, which needs to approve the deal Ireland is seeking on the promissory note, was a difficult institution ”to bring around” – but said he was confident that this will happen before the March deadline.

Last month, the Taoiseach Enda Kenny said Ireland would not undertake a Greek-style Anglo promissory note deal, but that he was hoping a “re-engineering” of the payback would be possible instead.

Saying it was not the intention of the Minister for Finance to pay the €3.1 billion in March, Kenny commented:

It does take time and diligence and patience to get a sense of trust and confidence and belief from others that they should help us… that recognition is now there and we will continue the discussion to bring about a situation where that level of debt can be re-engineered in the country’s interest.

Read: Varadkar: I don’t see why we should pay the €3bn promissory note next year>

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