Stephen Donnelly (Wicklow, Independent)
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50. To ask the Minister for Finance further to Parliamentary Questions Nos. 109 and 125 of 1 July 2014, when he stated that we have successfully negotiated the promissory notes transaction, the role our partners in Europe had in those negotiations; if it extended beyond the European Central Bank noting that the swap between promissory notes and sovereign bonds had taken place; and if he will make a statement on the matter. [29978/14]

Michael Noonan (Limerick City, Fine Gael)
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The successful swap of promissory notes into bonds was a significant landmark and contributed to enhancing our debt sustainability by putting the funding on a more secure basis.  Before moving to this new arrangement, we consulted with our EU partners.  These consultations should be seen in the context of our on-going effort to enhance our debt sustainability and the dialogue which we maintain with our partners on  a range of issues.  We have excellent relations with our partners and we engage on an on-going basis.  It should be noted, however, that EU member states did not have a role in approving the arrangement.  The Governing Council of the European Central Bank unanimously noted the arrangement.