Brian Lenihan Jnr (Dublin West, Fianna Fail)

First, in regard to the promissory note, which is an important question, to understand the exact circumstances surrounding the note - Deputy Burton fairly accepted the correction on that - the position is that to date, €18.88 billion in promissory notes have been issued to Anglo Irish Bank in three notes issued on 31 March, 28 May and 23 August. The note issued on 31 March bears an interest rate of 4.1745%; the note issued on 28 May bears an interest rate of 4.5693%; and the note issued on 23 August bears an interest rate of 5.1316%. The outstanding note will have a value of €6,400,000,000. It will be issued before the end of the year and the interest rate cannot be fixed for that as of yet.

That amount will represent a sufficient amount to ensure that Anglo Irish Bank can meet its regulatory capital needs. The final value for the note will be settled when the bank's loan transfers to NAMA are complete and the bank's capital requirement can be more fully determined subject to the relevant EU approvals within the context of the restructuring plan for the bank.

The overall final value for the note will be paid to the bank in instalments over an estimated ten to 15 years. The duration of the repayments to Anglo Irish Bank will depend on the final value of the note and any interest rate accrual on the promissory note. It is important to understand that the actual payment of the interest is deferred in cash terms.

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