Pearse Doherty (Donegal South West, Sinn Fein)
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Question 206: To ask the Minister for Finance the date on which he expects Bank of Ireland to refinance the Anglo promissory note that was temporarily met by the National Assets Management Agency at the end of March 2012; and when he expects Bank of Ireland to hold an EGM to secure shareholder approval for the transaction. [24848/12]

Michael Noonan (Limerick City, Fine Gael)
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As the deputy is aware, Bank of Ireland (the "Bank") announced on 29 March 2012 that the Bank had reached a conditional agreement to conduct a securities repurchase transaction with IBRC. The Bank stated:

"As the transaction is considered to be a related party transaction under Listing Rules, it is subject to independent stockholder approval. A circular containing additional details of the transaction and the date of the proposed Extraordinary General Court will be posted to stockholders once the circular has been approved by the UK Listing Authority and Irish Stock Exchange. It is anticipated that the transaction will become effective following satisfaction of all pre-conditions and independent stockholder approval."

This is a commercial transaction between the Bank and IBRC. The Bank has stated in their announcement on 29 March 2012 that they will issue a circular and schedule and Extraordinary General Court in due course.