Oireachtas Joint and Select Committees
Wednesday, 17 October 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
2013 Allocations for Public Expenditure - Finance Vote Group: Discussion with Minister for Finance
2:45 pm
Michael Noonan (Limerick City, Fine Gael) | Oireachtas source
We will see. We are seven weeks away from the budget. The Deputy knows that any possibility of the banks being directly recapitalised by the ESM, as outlined in the statement of 29 June, was contingent on banking supervision being in place from 1 January. At all times, that was envisaged as a post-budget initiative and not a pre-budget one.
In respect of the promissory note, we must wait and see how we do in the negotiations. I have said on a number of occasions that the crucial date for the promissory note is the payment date of the infamous €3 billion at the end of March of each year.
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