Minister for Finance Michael Noonan said today he is still hopeful the Government can win a substantial deal on its legacy bank debt, despite opposition from finance chiefs in Germany, the Netherlands and Finland.
In a statement last week, the ministers said so-called "legacy assets" – such as old bank debt – should remain "under the responsibility of national authorities" with the bailout fund taking "direct responsibility" for problems occurring under the new supervision regime.
Speaking to reporters in Dublin, Mr Noonan said the Dutch government had clarified that it was referring to insolvent banks, and that the statement was more about positioning on the banking union issue.
While he said he was hoping for an accord over the next two months before December's budget, he said March, when the next payment to the former Anglo Irish Bank is due, is the most important deadline.
Additional reporting: Bloomberg
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