Draghi: Not too late for ECB to object to promissory-note deal

President of the European Central Bank Mario Draghi has said the ECB will pass judgement on the legality of the Irish promissory note deal later this year.

The deal saw the Anglo promissory notes swapped for government bonds payable over a period of up to 40 years, reducing the annual debt payments and making them payable over a longer period.

Mario Draghi told MEPs that it was not too late for the ECB to object to the deal, and added legal remedies would have to be examined if it breached the Bank's rules on financing governments.

"We will assess the compliance with (the relevant articles) at the proper opportunity and on that occasion we will see whether the transaction between the Irish Government and the Irish Central Bank complies (with those articles)," he said.

"If it does not, we will see what remedial action needs to be taken."

More in this Section

Latest: Belgium reaches agreement on EU-Canada free trade deal

Tara McCarthy appointed as new Bord Bia chief

Samsung profits sink 17% after Galaxy Note 7 recall

Has Apple accidentally revealed the new MacBook Pro already?

Today's Stories

Scope for banks to cut mortgages ‘diminishing’

Ibec calls for wage control

Strikes damage consumer morale

Communications Minister Denis Naughten denies Irish media ownership issues


Your guide to the best Samhain- themed events this Halloween

Florence Newton - the woman at the centre of one of Ireland’s greatest witch trials

Sarah Maas ascends her Throne of Glass with new book

Album Review: Planxty - Between the Jigs and the Reels

More From The Irish Examiner