Draghi: Not too late for ECB to object to promissory-note deal
on 18/02/2013 17:02:16
The deal saw the Anglo promissory notes swapped for government bonds payable over a period of up to 40 years, reducing the annual debt payments and making them payable over a longer period.
Mario Draghi told MEPs that it was not too late for the ECB to object to the deal, and added legal remedies would have to be examined if it breached the Bank's rules on financing governments.
"We will assess the compliance with (the relevant articles) at the proper opportunity and on that occasion we will see whether the transaction between the Irish Government and the Irish Central Bank complies (with those articles)," he said.
"If it does not, we will see what remedial action needs to be taken."