Commission: Ireland must honour its financial obligations

Commission: Ireland must honour its financial obligations

The European Commission has said that it is "of utmost importance that Ireland is seen to honour its financial obligations".

In a statement released this afternoon, the Commission said that Ireland's promissory notes - a Government promise to pay a total €30.6bn in debts on behalf of the former Anglo Irish Bank - are part of Ireland's debt.

"In view of the objective to regain market confidence and graduate from the EU/IMF financial assistance programme, it is of utmost importance that Ireland is seen to honour its financial obligations," the statement said.

The statement follows comments yesterday from Commission vice president Olli Rehn, who ruled out a delay in Ireland’s next payment of €3.1bn due at the end of the month.

"Together with the authorities and Troika partners, the Commission is now exploring avenues to further strengthen the domestic banking sector such that it can better provide credit to the economy and support the recovery," today's statement continued.

"As Vice-President Rehn has said, there are separate technical negotiations going on with the Troika and with the Irish government.

"The promissory notes are an element in this work."

Taoiseach Enda Kenny in the Dáil earlier refused to divulge details of the negotiations saying they were "too sensitive and too complex".

Mr Kenny called for "calmness and patience" as the Government tries to renegotiate with the Troika.

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