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Promissory Deal a Major Step Forward in Rebuilding our Economy - Coveney

Minister Simon Coveney TD this afternoon strongly welcomed the announcement of a successful conclusion to the Irish Government’s negotiations with the ECB.

This is a significant step forward on Ireland’s road to recovery and exit from our current bailout circumstances. In simple terms, what the Government has achieved in the last twenty-four hours is to rid ourselves once and for all of Anglo Irish Bank, of the disastrous promissory notes deal that Fianna Fáil put in place and of the unsustainable debt management linked to IBRC”.

“The consequence of this deal which replaces expensive short-term promissory note repayments with very low interest, very long-term Government bonds is the conclusion of fifteen months of negotiation”.

The Minister added “In monetary terms, this will reduce the borrowing requirement of the NTMA on behalf of the Irish State by €20bn over the next ten years”.

“Taxpayers and families will also see the benefit of this deal as it will mean a billion euros less of tax hikes and cuts as we continue to close our budgetary deficit between now and 2015”.

“I hope that this can create a momentum for Ireland as we work hard to rebuild an economy broken by bad banking and flawed policy. This deal will not solve all of Ireland’s problems and we have much work yet to do but it is a very significant step in the right direction and I hope everyone will welcome it as such”.



Date Released: 07 February 2013