Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will provide details on the current status of the negotiations with the European Central Bank regarding the promissory notes; the person who is negotiating on Ireland's behalf; the objective of the negotiations; and if he will make a statement on the matter. [4721/13]

Michael Noonan (Limerick City, Fine Gael)
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As the deputies are aware, the Irish Government has been working extremely hard to secure a deal on the Irish bank debt with our European partners and detailed work will continue to ensure that positive moves in Europe are harnessed to maximise the benefit to the Irish taxpayer. This work is one of the Government’s key priorities and will remain a key focus during the EU presidency.

Officials within my department, the NTMA and the Central Bank of Ireland have been involved in these negotiations on Ireland’s behalf. As previously advised to the house, the terms sought by the Government are those which achieve the best possible outcome for the Irish taxpayer and the objective of the negotiations is to achieve consensus based on these terms. It is not possible to give guidance on the timing or potential outcome of the discussions as to do so could impede our ability to achieve the best possible results, but every effort is being made to expedite the on-going process. 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 March. It would be very difficult for Ireland to make a payment on the Promissory Notes and so we continue to work on a deal with our European partners to resolve this issue.