ECB to review debt deal later this year

The ECB will review Ireland's promissory note deal later this year.

The ECB will review Ireland's promissory note deal later this year.


European Central Bank president Mario Draghi said the promissory note deal was a "positive" step for Ireland and will be reviewed by the ECB in its annual assessment later this year.

Mr Draghi added that the disposal of the bonds in a way that ensures "compatibility with financial stability" would be "crucial" to Ireland’s restructuring.

The Government exchanged the promissory notes used to bail out former Anglo Irish Bank for long-term sovereign bonds which will be sold down gradually by the Central Bank earlier this month.

Mr Draghi’s comments came at a meeting of the Economic and Monetary Affairs Committee of the European Parliament this afternoon.

He added that as the deal was between the Government and the Irish Central Bank the ECB’s governing council did not have to make an assessment at the time.

Mr Draghi also discussed the euro following the G20 meeting over the weekend. He said that while the currency exchange rate is “not a policy target” it remains central to growth and price stability.

Sign In

Forgot Password?

Sign Up

The name that will appear beside your comments.

Have an account? Sign In

Forgot Password?

Please enter your email address so we can send you a link to reset your password.

Sign In or Sign Up

Thank you

You should receive instructions for resetting your password. When you have reset your password, you can Sign In.

Hello, .

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

Thank you for registering. Please check your email to verify your account.

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.