Kevin Humphreys (Dublin South East, Labour) | Oireachtas source

I thank the Governor for attending the meeting. I will start with the promissory notes. We have all been out and about over Christmas and as Deputy Doherty said, people just do not want to pay them or have them extended. What would happen if the Government did not pay this year’s instalment of the promissory notes, either by cash or bond? What would be the immediate and direct consequence? It is not a market-based debt as it involves private sector investors. What is the likely action to be taken by the Central Bank or the European Central Bank? Would the ECB further revise its risk control framework to block access to further funding?