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Sunday 5 February 2023 Dublin: 2°C

# Promissory notes

All time
# prom night revisited
Joan Collins says the Supreme Court "sided against the Irish people" in rejecting her promissory note appeal
Earlier, the State’s highest court rejected the independent TD’s challenge to the decision to use public money to aid institutions like Anglo Irish Bank in 2010.
# 228 weeks
'Greece should drop the euro - and so should Ireland'
Ballyhea Says No began marching against the Irish bailout in 2011.
# serious concerns
Honohan told to 'stand up to the ECB' as Frankfurt puts the pressure on last year's deal
In it’s annual report published yesterday, the ECB says that, “liquidation of the IBRC raises serious monetary financing concerns”.
# Banks
'I didn't sleep very well last night' - State to pay 75% of costs in prom note case
The High Court ruled it was an exception al case which merited a departure from the normal rules on legal costs.
Voices
Column: Our crisis was caused by too little democracy – not by too much
One TD has launched constitutional challenge seeking to reassert the right to vote on state spending – here’s why, Vincent P Martin writes.
# Bailout
The IMF wants Budget 2014 to ignore the promissory note deal
The Washington-based fund says we’ve completed our tenth quarterly review under the bailout, with a mixed outlook.
Voices
'All we're looking for is a fair deal' - An IBRC worker on the impact of liquidation
Since the bank formerly known as Anglo Irish Bank was liquidated last month ordinary workers have been left in the dark as to their fate and that of redundancy packages they’d agreed prior to ‘promnight’. Here, an employee speaks out…
# Your Say
Poll: Do you feel more positive about Ireland's economic situation?
With the Bank Guarantee set to end next month, is Ireland’s economy finally stabilising?
# 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.
# 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.
# Promissory notes
Supreme Court rejects TDs application to join promissory note challenge
Five Deputies applied to join businessman David Hall’s challenge to the payment of promissory notes, saying it was in the public interest for the case to go ahead.
# 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”.
# Promissory notes
Draghi: ECB hasn't yet considered whether Irish deal is legal
Mario Draghi tells MEPs that the European Central Bank only checks ‘monetary financing’ operations once a year
# Promissory notes
German central bank says promissory note deal is 'problematic'
In its monthly report the Bundesbank says the deal illustrates problematic overlaps between fiscal and monetary policy.
# Leinster House
Oireachtas agenda: WW2 pardon, promissory notes and obesity
The Operation Transformation team meet the Health committee this morning to discuss Ireland’s obesity problem.
# Budget 2014
Government yet to decide how €1bn prom note windfall will be spent
Enda Kenny says it’s only six weeks into the year – and too early to predict the promissory note impact on Budget 2014.
# Leinster House
Oireachtas agenda: Promissory notes, eco-cars and horse meat
Simon Coveney will take ministerial questions in the Dáil today as the horse meat controversy rages on.
# Credit Ratings
S&P improves outlook for Irish credit rating after prom note deal
Exchanging promissory notes for long-term bonds “should reduce the government’s debt-servicing costs and lower refinancing risk.”
# Promissory notes
Union meeting with IBRC liquidator over future of 800 jobs
The contracts of some 800 workers in Ireland were essentially terminated when the government decided to liquidate the bank last week.
# Spending
Consumer spending power to stabilise this year, improve in 2014
Working households with mortgages will see the greatest growth in spending power while unemployed households will fare worst.
# Promissory notes
Central Bank Governor says 'deal' will not unravel
Patrick Honohan said Ireland’s debt is now more sustainable than it was.
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…
# 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.
# Promissory notes
Gilmore: Change in promissory note terms is "very, very significant"
The Tánaiste said that
# Your Say
Poll: Did the government get a good deal on the promissory notes?
The government argues that swapping the €3.06 billion annual payments for long-term bonds is the best we could have got, but others argue we’re still paying the debt. What do you think?
# Promissory notes
Businesses and financial institutions hail promissory notes deal
Danske Bank Markets said it now expects rating agencies to upgrade Ireland’s status while businesses say the deal will improve consumer confidence.
# Prom Night
22 things we’ll still have, even if the ECB takes everything
These are Ireland’s REAL assets.
# Budget 2014
Here's how the IBRC deal takes €1bn off next year’s Budget
The Department of Finance has put together these figures to illustrate the benefit to Budgets 2014 and 2015.
# Promissory notes
Central Bank says ECB deal will 'contribute to financial stability'
The independent body, which takes over ownership of the promissory notes in the deal, welcomes the moves.
# Promissory notes
Bonds: Fianna Fáil's 'qualified welcome', Sinn Féin says it will cost people €14,000
Sinn Féin’s Pearse Doherty said there will be €1 billion of interest on the bonds every year.
AS IT HAPPENED
Michael Noonan and Brendan Howlin on promissory note deal
The two Ministers will be holding a press conference from 4pm about the promissory note agreement. Let’s see what they have to say.
# Promissory notes
Kenny: First payment on new Government bonds in 2038
The final payment of the bonds that replace the promissory notes will take place in 2053.
# Promissory notes
In full: 'The annual promissory note payments are gone' - Enda Kenny
The Taoiseach’s full speech to the Dáil on the revised promissory note arrangements which will see the IOUs replaced with long-term government bonds.
# Promissory notes
TDs question lack of debate on promissory notes
Deputies Micheál Martin and Peadar Tóibín both criticised the lack of facility for debate on the issue in the Dáil today.
# Promissory notes
Draghi says ECB "took note" of IBRC liquidation
The European Central Bank President said that no decision has been taken on the IBRC promissory note.
# 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.