Noonan: ECB efforts intensifying over Ireland's bank debt

on 15/09/2012 15:06:19

Finance Minister Michael Noonan has offered a sign of hope that progress has been made on Ireland's bank debt.

Speaking after an informal meeting of European Finance Ministers in Nicosia, Cyprus, Minister Noonan said he had been given indications that the European Central Bank seems to be more eager now, than ever, to strike a deal over Ireland's Anglo promissary note.

It represents significant progress, since it was believed that the Minister would not be able to secure a deal for Ireland before the end of October, as had originally been hoped, in spite of European support for a change.

Minister Noonan said that he would like the deal to be made before he has to deliver his budget in December.

There was a clear indication last night from Jorg Asmussen, who is a German member of the ECB's executive board, that there was now some urgency in the talks.

Asmussen said that the authorities were working under "time pressure".

Mr Noonan said: "The effort is going to intensify in the next fortnight."

However, he was reluctant to put a formal deadline on the table for an agreement.