Gerry Adams (Louth, Sinn Fein)
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Question 70: To ask the Minister for Finance if he is engaged in negotiations with the ECB regarding the promissory note; if he has been in direct contact with Mr. Mario Draghi on this issue; the number of times they have met or spoken on this issue; and if he will make a statement on the matter. [15374/12]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, I have indicated that 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 have agreed to engage in a process with Irish Officials to produce a common paper which will consider options for re-engineering the notes in terms of the maturity of the notes, the interest rate, the cash flows etc. Work is on-going on this. In tandem with this technical review the Government uses appropriate opportunities to garner support for an approach which is more beneficial to the Irish State. President Draghi regularly attends Eurogroup and Ecofin meetings in Brussels and these meetings provide an opportunity to speak with President Draghi on the margins. The Deputy will also be aware that I travelled to Frankfurt on the 24th of January 2012 to meet President Draghi.