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Honohan must provide full and frank account on promissory note talks

26 March, 2012 - by Pearse Doherty TD

Speaking in advance of a presentation by Governor of the Central Bank, Patrick Honohan, to the Oireachtas Finance Committee on the on-going promissory note negotiations Sinn Féin finance spokesperson Pearse Doherty TD said that “Governor Honohan must provide a full and frank account of the on-going talks on the Anglo Irish Promissory Note when he appears in front of the Finance Committee tomorrow.”

Deputy Doherty said:
“It is now almost a week since the Minister of Finance disrupted the ordinary business of the Dáil to announce an imminent deal on the Anglo Irish Promissory Note.
“Despite having spent weeks trying to lower expectations, the minister, in a most uncharacteristic announcement, gave the clear impression that an agreement with the ECB was about to be made.
“The public were led to believe that an ECB governing council last Thursday would conclude the deal. Confusion then surrounded that meeting. On Friday it appeared that the ECB had rejected the government initial proposal.
“Despite this the Taoiseach and Minister for Finance continued to raise expectations of a deal.
“While discussions are on-going it is not clear what is being discussed and whether it will lead to any write-down in the cost of the Promissory Note to the taxpayer.
“Tomorrow we want the Governor of the Irish Central Bank, who also sits on the Governing Council of the ECB to provide a full and frank account of the on-going talks on the promissory note. We want to know whether the ECB rejected the government’s initial proposal and, if so, why; what alternative proposals are now on the table; and whether any of these involve a write down in the promissory note itself.
“The government is due to pay €3.1 billion to Anglo Irish Bank this Saturday, the second such payment since taking office. Kicking this debt down the road is not a solution. The government must seek a write down of this debt. Anything short of that will be a deep disappointment.”

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