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Govt will not pay €3.1 billion promissary note in March.


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Pat Gill

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Pat Rabbitte has told the Irish Times that the government have no plans to pay this years €3.1 billion promissary note payment in March.

Ireland does not plan to make a €3.1 billion repayment due next March on promissory notes used to recapitalise a failed lender, Minister for Communications Pat Rabbitte said, adding he was confident the European Central Bank would back a restructuring.
"We didn't pay the promissory note this year and as far as I'm concerned we're not going to pay it next year. It's as simple as that," Mr Rabbitte told RTE Radio.

Ireland is lobbying the European Central Bank (ECB) to restructure €31 billion in promissory notes - a form of high-interest IOU - used to recapitalise the former Anglo Irish Bank, now called the Irish Bank Resolution Corporation.

'No plans' to repay €3.1bn promissory note in March - The Irish Times - Sun, Dec 09, 2012
The minister added
The Government has said its 2013 budget released last week did not include any expected savings from a deferral of the €3.1 billion payment, which would represent 6.2 per cent of the €50 billion of net current expenditure planned next year.
Wiggle room for this years HSE and Social Welfare overspends ?
 
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