Oireachtas Joint and Select Committees

Thursday, 14 December 2017

Public Accounts Committee

2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation

9:00 am

Photo of Catherine MurphyCatherine Murphy (Kildare North, Social Democrats)
Link to this: Individually | In context | Oireachtas source

I can accept that things have changed with AIB and Bank of Ireland, in particular, but IBRC and Irish Nationwide Building Society were a different proposition. Most of us understood the promissory notes represented money that was being extinguished. That was the word used when some of us met the Governor of the Central Bank. I am reminded that Ashoka Mody, one of the people involved on the IMF side in the negotiations for the troika, was quite critical of the way Ireland had been treated. By turning the floating rate or promissory notes into sovereign debt, as we did in the Dáil, although I did not vote in favour of it, is the Department giving up on any prospect of relief on that front?