Mick Wallace (Wexford, Independent)
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Question 15: To ask the Minister for Finance the action he has taken to date and any future action he plans to take in relation to the renegotiation of the terms of the €30 billion promissory notes issued to Anglo Irish Bank and Irish Nationwide Building Society; the outcome of his meeting with ECB President Mario Draghi last week in relation to this issue; and if he will make a statement on the matter. [5647/12]

Mick Wallace (Wexford, Independent)
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Question 46: To ask the Minister for Finance the progress that has been made to date in meetings with officials from the ECB, European Commission and IMF in relation to the renegotiation of the terms of the Anglo Irish Bank and Irish Nationwide Building Society promissory notes; and if he will make a statement on the matter. [5648/12]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 15 and 46 together.

As I have indicated I am committed to reviewing the approach to the Promissory notes with a view to reducing the overall cost to the State of correcting the banking system. The troika has 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. In tandem with this technical review I have met with Commissioner Rehn and Mario Draghi President of the European Central Bank last week to progress the matter. I would expect that work at a technical level will progress at a good pace, however 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.