#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 13°C Sunday 24 October 2021

IMF signals hope for deal on Ireland's Anglo debt

The IMF’s mission chief for Ireland said there was “a lot of consensus” among the troika for a possible reduction of the promissory note payments.

Craig Beaumont speaking at a press conference earlier this year
Craig Beaumont speaking at a press conference earlier this year
Image: Laura Hutton/Photocall Ireland

THE IMF HAS raised hopes for a deal that could reduce Ireland’s Anglo Irish Bank debt, saying that troika officials are broadly in agreement over the proposal.

Craig Beaumont, the IMF’s mission chief to Ireland, said he was “optimistic” that a deal could be reached which would lessen Ireland’s debt burden.

Referring to discussions among the IMF/EU/ECB troika, he said:

I think that there is a lot of consensus among the staff involved. It’s still a work in progress, but fundamentally the underlying concept has attracted a lot of consensus.

The Government paid €1.25billion to senior unsecured bondholders in now-defunct Anglo in January, with another instalment due at the end of this month. The payments – which are currently set to cost Ireland more than €3billion a year for the next 15 years – are fulfilling promissory notes issued by the Government.

Speaking on a conference call with reporters yesterday, Beaumont refused to give details of any possible deal on the debt. “At this stage we can only say that it does reinforce Ireland’s debt sustainability,” he said, adding that “all parties are working hard to make it possible”.

Minister for Social Protection Joan Burton has called on the troika to allow a restructuring of the promissory note debt, saying that this would help Ireland pass the upcoming referendum on the fiscal treaty.

More: Gilmore denies referendum campaign will be linked to Anglo deal>

About the author:

Michael Freeman

Read next: