KENNY WELCOMES MINISTER RABBITTE'S COMMENTS ON PROMISSORY NOTE

Posted on December 10, 2012 2:54 PM   |   Permanent Link   

Dublin Bay North Labour TD Seán Kenny has welcomed the comments that Minister for Communications Pat Rabbitte has made regarding the Anglo Irish bank promissory notes.

"Minister Rabbitte's restatement of our position that that the Government will not pay the instalment of €3.1 billion due next March on the last government's €30 billion promissory note for the former Anglo Irish Bank, is very much to be welcomed. The promissory note is a source of major frustration for many of my constituents, who constantly ask me why it continues to be paid."

"The Promissory Note was an IOU that was entered into by the last government."
In my opinion, its terms should be extended massively beyond the 10 year period that currently exists, where Ireland pays over €3.1 billion annually."

"A comprehensive deal on bank debt next year would have the effect of reducing the target for Ireland's current deficit in 2014 from about 7.5 per cent to 6.4 per cent. As Minister Rabbitte has said last evening, the European Central Bank is difficult to convince, however, I believe that a deal will have to be done."

"The ECB needs to face up to the reality of the economic situation in Ireland. People are finding it very, very difficult at present and they need to know that the European Institutions understand this and are prepared to engage with Ireland and ensure that a deal is done."