Taoiseach presents 'historic step in economic recovery' as bank-debt deal agreed

on 07/02/2013 15:18:44

The Taoiseach Enda Kenny has called the deal on Ireland's bank debt, which will save the country €20bn over the next 10 years, "an historic step in our economic recovery".

He said: "The Anglo promissory-note payments are gone." The long-term bonds that replace the promissory notes will have an average maturity of 34 years.

Mr Kenny said it would still be necessary to reform the way our state worked, and to narrow the gap between the state's income and expenditure.

However, he said, "step by step, the Government is undoing the disastrous banking policies" of previous years.

He said the deal should " give us confidence that our goals are achievable".

"I am confident the deal will contribute hugely to the rebuilding of trust between Irish and European authorities in the management of the banking crisis," he added.

He said a "strong and determined effort" by all members of the Government had resulted in the deal.

He paid tribute to Finance Minister Michael Noonan and his staff in the Department of Finance for their "tireless work (that) should serve as an inspiration to all public servants".