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."

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