Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The promissory note, with an interest rate holiday, is being replaced by Exchequer bonds on which interest is chargeable. The promissory note had this holiday, but I do not want to describe it in adverse terms; it was probably clever negotiation. However, this created a difficulty for the incoming Government, while it eased the problems of the outgoing Government in an election year and the subsequent year.