Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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To ask the Minister for Finance if in the event of no deal being reached on the issue of the promissory note, that it is his intention to pay IBRC the €3.1bn promissory due on 31 March 2013 and Bank of Ireland, the sum due on the one year bond acquired in 2011 by that bank as part of that year's €3.1bn promissory note payment to IBRC. [50519/12]

Martin Ferris (Kerry North-West Limerick, Sinn Fein)
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To ask the Minister for Finance the date on which payments are due in 2013 to Irish Bank Resolution Corporation and Bank of Ireland arising from the Anglo Irish Bank promissory note schedule of payments of 2011 and 2013. [50515/12]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 10 and 57 together.

As the Deputies are aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt, including the IBRC Promissory Notes and detailed work will continue to ensure that the positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This is on the back of the Euro Area summit statement of 29 June of this year. All options for restructuring the notes are being considered including the terms of the source of funding, the duration of the notes, the interest rate etc. The future payment of the State under the Promissory Note arrangements will be dependent on the outcome of the on-going discussions and the work undertaken in this area is one of the Government’s key priorities.

With regard to the 2012 IBRC Promissory Note payment which was by way of Irish Government Bonds, the repurchase agreement with Bank of Ireland was for one year, ending 19 June 2013.

I may remind Deputies that the Government, together along with all other 26 member States at the Euro Summit in October last year committed that: "As far as our general approach to private sector involvement in the euro area is concerned, we reiterate our decision taken on 21 July 2011 that Greece requires an exceptional and unique solution. All other euro area Member States solemnly reaffirm their inflexible determination to honour fully their own individual sovereign signature and all their commitments to sustainable fiscal conditions and structural reforms. The euro area Heads of State fully support this determination as the credibility of all their sovereign signatures is a decisive element for ensuring financial stability in the euro area as a whole."

The Irish Government will honour this commitment and will ensure that we work with our EU partners to address the situation in relation to the overall cost to the State of resolving the difficulties in our banking sector. This Government has consistently worked towards a consensual approach to decisions made with our European colleagues.