Promissory note deal


The view from the students

Jack Cantillon

Law student

“I think it’s a positive step. There have been different spins put on it: one a lot of students have related to is a Father Ted meme on social media sites.

“Its a scene from the programme where Father Ted is explaining perspective with a cow and he’s saying, ‘This cow is near, and the other one is far away’. People were latching on to that in terms of the promissory note deal.

“But for me it’s a positive step. It has allowed Ireland to move into a different setting. It’s frustrating for us as students as we will have to deal with this all the way throughout our lives.

“In the medium term, the budget will not be as severe and they have been very severe in the last few years but now there seems to be a sense of light at the end of the tunnel.”

Sarah O’Neill

Philosophy and Politics

“I’d be very uncomfortable with how the public weren’t really consulted about the deal. I understand the sensitive nature of it but it is in a sense burdening us, especially young people, with a very large debt further down the line.

“Also, it’s eliminating the opportunity to default in any way, so it secures a very significant burden on young people in the future.

“Paying the €3.1 billion wasn’t really an option at the end of March, but I’m not entirely comfortable with how it was brought in. The public wasn’t consulted, obviously for legal reasons with the creditors, but still it’s such a big decision.

“The impact will depend on how it’s spent. If they spend it on SMEs and investing in education for young people, perhaps they might be able to mitigate the burden.”

Pierce Healy

Economics student

“I think we’re getting a better deal, as we’re saving billions and it has taken the pressure off as well. I think the country needs a bit of a morale boost like this as people were getting more down every year, with budget being cut further and further.

“The impact on the economy has to be positive as fewer cuts mean more money in your pocket, which really should help get the economy going again.

“I think most likely that’s going to be the last push in terms of what the European Central Bank is going to take from us.

“I’d also say it’s better for us to push repayments as far out into the future as we can.

“The only reservation I would have about the deal is [that] now all hopes we might have had about defaulting on that debt are gone.”

Eoin O’Driscoll

History and Politics student

“It seems like quite a good deal, spreading the payment out over a long time, with lower interest rates and not paying it this year or for the next couple of years when we’re stuck financially.

“It is pushing the problem out into the future, but that’s also a good thing for the country right now.

“The way it all happened was very dramatic and the Dáil debates were very good to watch.

“I think it’ll definitely be a positive thing for the country over the next 10 years.

“The next two budgets, before the economy starts growing again, is when all the cuts are coming in so you wouldn’t have wanted to have to pay the promissory note over the next few years. It will have a really positive effect and should help the country in the medium term.”

Emily McCormack

European Studies student

“I think it was positive but I think it was just the first step on a long road to recovery for the country.

“The discussions didn’t happen very transparently, which is a problem. The deal was rushed in and the public and some politicians weren’t consulted about it, but I still view it in a positive light.

“The European Central Bank is taking Ireland’s problems seriously and Ireland’s road to recovery seriously: I think thats a good thing.

“My interest isn’t in the economic implications of the deal, I’m interested to see the long-term political impact and how other countries will react.

“To me, the deal really shows that the EU has trust in Ireland and it shows the strengthening of the relationship between Ireland and the EU.”