The following motion was moved by the Minister for Finance, Deputy Michael Noonan, on Tuesday, 12 February 2012:That:Dáil Éireann welcomes the restructuring of the promissory notes provided for the IBRC, based on the outcome of discussions with the European Central Bank; — recognises the benefit of the restructured arrangement for the State and its citizens, particularly:— the removal of the promissory notes which will be exchanged for long-term Government bonds, with an average maturity of 34 to 35 years, as opposed to the promissory notes' seven to eight year average maturity; — the reduction in the State's general Government deficit of approximately €1 billion, 0.6% of GDP, per annum over the coming years, which will bring us €1 billion closer to attaining our 3% deficit target by 2015; — the reduction in the State's cash borrowing requirement over the next ten years by €20 billion; — the significant element of the interest payments on the Government bonds that is expected ultimately to be returned to the Exchequer in the form of Central Bank dividends, while these bonds are retained by the Central Bank; — the substantial improvement in the State's debt position over time; — the removal of the remnants of the former Anglo Irish Bank and Irish Nationwide Building Society from the Irish financial system; — the housing of all "wind down assets" in one entity, the National Asset Management Agency, which should lead to greater efficiency in their workout;— commends the Government for progressing the commitment "to secure a Programme of Support and solution to the banking crisis that is perceived as more affordable by both the Irish public and international markets, thereby restoring confidence, growth, job creation and the State's access to affordable credit from private lenders"; and — supports the Government's continuing efforts to foster economic growth and job creation which, in tandem with ongoing discussions on the extended remit of the European Stability Mechanism, will further improve the State's debt sustainability.

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