Government deal expected to defer 3.1 billion euro payment

The Minister for Finance has said that the Government is involved in negotiations with the European Central Bank which is expected to defer the payment of a 3.1 million euro promissory note at the end of this month.

The deal would in effective restructure the Anglo Irish Bank promissory note payment delaying it until 2025.

Responding, Donegal Deputy Pearse Doherty said that it appears that what the Government has succeeded in doing is replacing a promissory note to Anglo Irish Bank with a sovereign government bond to Anglo Irish bank.

He added “If this is the case it will not reduce our debt levels and we will still be liable to pay the full €31bn to Anglo Irish bank at a future date.

“While this arrangement may have some short term benefits, what is needed and what Sinn Féin has consistently demanded is for this debt to be written down.

“Sinn Féin will be the first to congratulate the Government if they secure a write down of this debt. However it would be premature to comment until we see the full details'