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Saturday 28 January 2023 Dublin: 4°C

# Promissory Note

All time
# top dog
Noonan named as Europe's Finance Minister of the Year by 'The Banker'
The Financial Times’ magazine said that Noonan was awarded the accolade because of his “extraordinary progress” since taking the job in 2011.
# Burn the Bondholders
Gilmore: It was never an option to renege on promissory note deal
Burning the bondholders would be “akin to sovereign default” Eamon Gilmore told the Dáil this morning and said the issue of the promissory note has been “resolved”.
# Bondholders
Motion to 'burn the bondholders' defeated in Dáil vote
The motion was defeated by 77 votes to 40 in the Dáil this evening with Sinn Fein and Independents supporting it and Fine Gael and Labour in opposition.
# pro note
High Court dismisses TD's challenge to Anglo promissory note deal
Joan Collins TD had claimed that the deal was unconstitutional because it gave the Minister for Finance open ended power to approve the payments without Dáil approval.
# Budget
NERI publishes alternative approach to Ireland's budgetary policies
The economic institute says using the promissory note savings, investing in a stimulus package and taxing the top 10 per cent of earners could reduce the government deficit to 3 per cent by 2015.
# Prom Night
Gerry Adams: There were some TDs intoxicated on night of promissory note debate
The Sinn Fein president told TheJournal.ie this week that while the “vast majority of TDs probably don’t take a sup at all” there were some who were drunk during the debate on legislation to liquidate IBRC.
# Promissory Note
Rehn: Budget 2014 should not be eased after promissory note savings
The European Commissioner says the €1 billion savings should be used to eliminate Ireland’s deficit as soon as possible.
Voices
Column: Croke Park talks show there is no ease up on austerity
Trumpeting their success with the promissory note last week, up against the unions this week. We are not out of the woods yet, not by a long shot, writes Kieran Allen.
Voices
Column: The correct handling of the promissory note savings is vital for Ireland
The knowledge that there is now €1 billion of wiggle room on the table could promote further reluctance to change, writes Aaron McKenna.
# Promissory Note
Noonan hints €1bn IBRC savings will go to repay debts
Michael Noonan thinks it would make more sense not to use the promissory note proceeds to ease the next Budget.
# Budget 2014
Varadkar: Promissory note saving 'is not €1bn more we have to spend'
The Transport Minister says that talk that the government has €1 billion more to play with in the next Budget “gave me bad memories of Charlie McCreevy”.
Voices
Column: Promissory note deal savings should be spent on relieving youth unemployment
The generation suffering the most from the current debt crisis is the same one which will be approaching retirement in 35 years when the promissory note debt matures, writes Dan Hayden.
# Micheál Martin
Video: 'I'm not ruling anything out' - Micheál Martin on Fine Gael or Sinn Féin coalition
The Fianna Fáil leader also explained why his party didn’t introduce a property tax when in government and outlined his views on social media in a wide-ranging interview with TheJournal.ie this week.
# Promissory Note
Video: Noonan accuses Donnelly of 'lying', quickly withdraws remark
A debate on the promissory note arrangement saw sharp exchanges between the independent TD and the Finance Minister last night.
Voices
Column: Promissory note deal sees Fine Gael come out on top
The response to the promissory note deal has ranged from muted in the case of Fianna Fáil to outrage from Sinn Féin and the Independents – so what does this deal mean for Fine Gael, asks Gary Murphy.
# Prom Night
Timeline: The 24 hours that secured the promissory note deal
It was dramatic, chaotic, uncertain and very confusing as Ireland struck a deal to tear up the promissory notes and repay Anglo’s debts over a longer period. Here’s how it unfolded…
Voices
Column: Was the liquidation of IBRC necessary?
Let’s hope IBRC’s liquidation can ultimately be justified – because this type of rush-job smacks of the panicked decisions made in 2008, writes Sarah McCabe.
# Moving On Up?
Ireland's cost of borrowing falls as NTMA formally issues new bonds
The body that manages Irish debt has formally issued new bonds to replace the promissory notes.
Voices
Column: Will the young pay for the sins of the old under the promissory note deal?
The restructured debt obligation will give the Government fiscal space and breathing room. Whether this benefits the young depends on what they do with that time, writes Sam Brazys.
# Promissory notes
Supreme Court adjourns promissory note appeal as TDs seek to join case
David Hall says his case concerns issues wider than that of the €3.06 billion payment due in March that now appears unlikely following the liquidation of IBRC overnight.
# Promissory notes
Explainer: What happened last night? Why was IBRC liquidated? What happens now?
Why on earth were the Dáil and Seanad sitting until the small hours of this morning? This might help…
# Promissory Note
Noonan: IBRC bill brought through due to "immediate risk" to bank
The Finance Minister also said that there “is no deal” with the ECB at this point.
# Prom Night
TDs vote to liquidate IBRC in dramatic late-night Dáil sitting
TDs voted by 113 votes to 35 to wind down the former Anglo, laying off its employees with immediate effect.
# Prom Night
LIVE: Seanad debates legislation to liquidate IBRC
Watch live from the Seanad Chamber as members deliberate on whether to immediately wind down the former Anglo.
# Prom Night
Here’s how every TD voted on the Bill to liquidate IBRC
Here’s the total voting chart for how the Dáil divided on its final decision to liquidate the former Anglo Irish Bank.
AS IT HAPPENED
Dáil approves Bill to liquidate IBRC
Catch up with text commentary from the Dáil as TDs voted to wind up the former Anglo.
# Your Say
Poll: Do you support swapping the promissory note for long-term bonds?
The government wants to issue long-term bonds to get rid of the IBRC promissory notes. What do you think?
# ibrc
President Higgins returning to Ireland to consider IBRC legislation
Michael D Higgins has interrupted a trip to Italy to make himself available if the Oireachtas passes an IBRC bill tonight.
# ibrc
Here’s the schedule for the Dáil’s late-night IBRC sitting
It’ll be a late one in the Dail.
# ibrc
Chief Whip says leaking of elements of IBRC plan is ‘unfortunate’
Paul Kehoe: “The Minister for Finance has taken action to secure the stability of IBRC in the face of these leaks.”
# Promissory Note
Dáil to sit at 10:30pm to debate emergency legislation on liquidating IBRC
TDs will reconvene after 10pm tonight to discuss plans to transfer IBRC’s assets to NAMA – as part of a deal to replace the promissory notes with long-term Government bonds.
Voices
Column: Legal uncertainty of promissory notes is a powerful bargaining tool
The looming payment deadline for the next €3.06 billion promissory note instalment is at the centre of discussions – but the legality of this debt is not being properly considered, writes Andy Storey.
# Wrote you a letter
Read in full: Mario Draghi’s letter to Fianna Fáil’s Michael McGrath
The Fianna Fáil finance spokesperson has called on Michael Noonan to hold face-to-face negotiations with the European Central Bank president after he wrote to him last month.
# Promissory notes
Everything you need to know about the promissory notes, but were afraid to ask
You have been and will be hearing a lot about promissory notes in the coming weeks but what’s it all about? We’ve taken your questions, come up with some of our own and asked the experts…
# Debt
Ireland still has 39% chance of defaulting, says Government's budget adviser
Professor John McHale, the chairman of the Irish Fiscal Advisory Council, said Ireland has made huge progress – but is not out of the woods yet.
# Promissory Note
Technical Group to force Dáil vote on promissory note repayment
15 TDs, led by Shane Ross, have tabled a motion calling for a public assertion that Ireland won’t make the next repayment.
# Promissory notes
Challenge to promissory notes dismissed, court says TD could bring case
The Dublin businessman David Hall had taken a case against the State arguing that the issuing of the €31 billion promissory notes to the former Anglo Irish Bank is illegal as there was no Dáil vote.
# open thread
Open thread: What do you want to know about the promissory notes issue?
It’s back on the agenda as the Irish government seeks a deal to avoid paying back €3.06 billion due in March, but what do you want to know about those pesky promissory notes?
# Promissory notes
No agreement but bank debt deal talks will continue, Ministers insist
Leo Varadkar and Pat Rabbitte have both insisted that the discussions on reducing the burden of Ireland’s bank debt will continue despite a report that the ECB had rejected a key Irish government proposal.