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Noonan in denial over €75 billion Anglo Irish promissory note – Doherty

5 October, 2011 - by Pearse Doherty TD

Sinn Féin finance spokesperson Pearse Doherty has today accused the Minister for Finance of being in denial over the total cost to the State of the Anglo Irish Bank Promissory Note. 

Deputy Doherty’s comments were made after an exchange today with the Finance Minister during question time in the Oireachtas at which the Minister was asked to confirm that the total cost of the Promissory note would amount to €74.63 billion 

Deputy Doherty said: 

“It is deeply regrettable that the Minister for Finance refuses to come clean on the total cost to the State of the Anglo Irish Promissory Note. On the basis of his response to me today he is in denial. 

“New figures provided to me from the Minister for Finance show that the cost of the Promissory note will ultimately be €74.63 billion by the time it is paid off in 2031. This includes the capital repayments, the interest payments to Anglo and the cost of servicing the state’s debt in borrowing this sum. 

“This is a staggering amount of money, equating to almost half the total government debt this year and over a third of government debt when we reach our peak debt to GDP ratio over the next number of years. 

“It is beyond comprehension that while talks are afoot in Europe about what a Greek default would look like, how European banks can be protected, and how Greece can be kept in the Euro and helped to recover, that our government would consider paying out on these Anglo Promissory notes. 

“This state cannot afford these sums. It throws into question our ability to manage the rest of our debt. It’s time for the government to get off their hands and announce categorically that it is neither willing nor able to pay out on the Anglo-Promissory note. The government must begin immediate negotiations with the ECB to achieve this end.” 

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