Pearse Doherty (Donegal South West, Sinn Fein)
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Question 50: To ask the Minister for Finance if he will provide an update on his discussions with the European Commission and members of ECOFIN on the issue of the promissory note, indicating any developments from the recently established EU-ECB-IMF technical working group on the promissory notes; and if he will indicate the approach being taken by him in attempting to influence the work of this technical group. [5650/12]

Michael Noonan (Limerick City, Fine Gael)
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As indicated I am committed to reviewing the approach to the Promissory notes with a view to reducing the overall cost to the State. The Troika have agreed to engage in a process with Irish Officials to produce a common paper which will consider all options for restructuring the notes in terms of the source of funding, the duration of the notes, the interest rate etc. This review is at a technical level and while I would be aware of and fully briefed on Irish proposals, it would not appropriate for me, other than through Irish proposals, to attempt to directly influence this group. I have every faith and reliance on the capacity and commitment of the Irish members to represent our views and influence proceedings within the normal dynamics of the group. In tandem with this technical review I have commenced an intensive campaign at political level to garner support for an approach which is more beneficial to the Irish State. I met Commissioner Rehn and Mario Draghi President of the European Central Bank this week to progress the matter. I have also discussed the matter with a number of my counterparts from other Member States. Given the nature of advocacy and the decision making process in the EU I would not expect this matter to be concluded in the short term.