Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance if he will provide an update on the on-going negotiations with the Troika on the promissory note technical paper and in view of the fact that the paper was to be finalised by February 2012, the reason for the delay and an estimated date for its publication. [42257/12]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This remains one of the Government’s key priorities. We will continue to target the reduction of the burden to the State of funding the bank recapitalisation and due consideration is being given to various mechanisms to achieve this goal. As previously advised to the Deputy in July, the idea of the common paper was initially mooted in January/February of this year and there have been no firm deadlines as to the delivery of the paper. Nonetheless, on-going discussions with the Troika are considering all options for the restructuring of the notes in terms of the source of funding, the duration of the notes, the interest rate applicable etc.

It is not possible to give guidance on the timing of these negotiations as to do so could impede our ability to achieve the best possible results for the Irish taxpayer, but every effort is being made to expedite the on-going process.