Not too late for ECB to object to Promissory Note deal

on 18/02/2013 22:41:13

There are concerns that the European Central Bank could raise objections to the Anglo Promissory Note deal - and greatly reduce the cost savings to the State.

The government hopes by swapping the promissory notes for Central Bank bonds, the State will cut the burden of borrowing by as much as €20 billion over ten years.

However, the President of ECB Mario Draghi today told MEPs that it is not too late for the ECB to object to the deal.

Fianna Fail has said that if the ECB forces the Central Bank to sell the bonds quickly - the benefits to the State will be greatly diminished.

The Party's Finance Spokesperson Michael McGrath said that such a move would not be Europe's interest, because it needs to show that Ireland is managing to rein in its debt