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AP Photo/Michael Probst
Promissory notes

No ECB decision yet on Noonan's promissory notes proposal

The bank has ‘nothing to add’ on Noonan’s plan after today’s governing council meeting.

NEGOTIATIONS ON a potential agreement to change the terms of a €3bn Irish Bank Resolution Corporation promissory note have concluded for today.

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

A spokesperson for the ECB said that the organisation has “nothing to add” this evening in respect of Finance Minister Michael Noonan’s comments last night.

Noonan had said that negotiations were underway with EU authorities including the ECB “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”.

The minister said that the details of such an arrangement had yet to be worked out.

The proceedings of today’s meeting of the ECB’s governing council have not been made public, but Irish Central Bank governor Patrick Honohan was expected to petition for a formal approval on Noonan’s proposals during the meeting.

TheJournal.ie understands that no decision has been made on the issue, but that the discussions have concluded for today.

More: Colm McCarthy: Irish bank debt was incurred “under threats” from ECB >

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