Promissory notes timeline
The board of the IBRC (formerly Anglo Irish Bank) has been liquidated, chairman Alan Dukes said.
Below is a timeline of events relating to the Government seeking a deal on promissory notes used to bail out Anglo Irish Bank.
- 2010 Government commits paying €31 billion to Anglo-Irish Nationwide in the form of promissory notes as part of the bank recapitalisation.
- September 2011 Minister for Finance Michael Noonan says he is pursuing a deal to secure lower interest and a longer maturity promissory notes
- November 2011 Department of Finance says talks underway between Irish and EU officials on promissory notes as Noonan seeks redesign of interest rates
- January 2012 Government wants to write-down or defer principle payments on promissory notes, transport minister Leo Varadkar says
- March 2012 Government wins deferral of €3.06m promissory note instalment in favour of a long-term Government bonds
- Early June 2012 Taoiseach Enda Kenny tells German Chancellor Angela Merkel he wants a deal on the Irish bank debt following Yes vote in fiscal treaty. Germany casts doubt on deal.
- Mid June 2012 IMF says a restructuring of the promissory notes is needed
- Late June 2012 Policy shift by Merkel opens up the prospect of a significant easing in banking debt burden
-October 28th 2012 Germany signals it is open to a reworking of promissory notes
- December 9th 2012 Minister for Communications Pat Rabbitte has says the Government will not pay the promissory note instalment in March
-December 19th 2012 Enda Kenny is confident an easing of repayment terms on the promissory notes agreed by March
-January 10th 2013 European Commission president Jose Manuel Barroso is supportive of Ireland finding a solution to the promissory notes issue
-January 14th 2013 Europe minister Lucinda Creighton receives positive signals that Berlin supports efforts to recast promissory notes
-January 27th Tanaiste Eamon Gilmore warns of "a potentially catastrophic effect" on Ireland if the country is unable to renegotiate the terms of the promissory note
- February 4th Michael Noonan insists securing deal on promissory note poses no threat to future of coalition
- February 5th 2013 Enda Kenny and Eamon Gilmore deny coalition tensions on the implications of failure to reach a promissory note deal
- February 6th 2013 European Central Bank is becoming increasingly irritated with some of the Government public statements over Anglo Irish Bank