Written answers

Thursday, 20 December 2012

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if, in the absence of an agreement with the European Central Bank to restructure the liability, it is his intention to pay the €3.1 billion due to the Irish Bank Resolution Corporation on 31 March 2013 in respect of the promissory note [57613/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I have previously stated that I am working to try and achieve a solution before the next scheduled instalment on the Promissory Note scheduled for next March. It would be very difficult for Ireland to make a payment on that date and so we continue to work on a deal with our European partners. I remind Deputies that the Government, together 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.


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