FF non-committal on promissory note deal position

Michael McGrath

Fianna Fáil have said that they will have to see the detail of any proposed deal on the Anglo Irish Bank promissory note before they can decide if they will support it or not.

The Government is awaiting agreement from the European Central Bank to liquidate the toxic bank, now known as IBRC, as part of a deal on the bank’s promissory notes.

The Seanad has been put on standby having being told to expect special legislation tonight.

It is understood the Government’s liquidation plan will see IBRC assets transfer to the National Asset Management Agency (Nama).

Fianna Fáil Finance Spokesperson Michael McGrath says people will want to know how it is going to benefit them.

"People will want to see a difference, they'll want to see a difference in their pockets, they'll want to see a difference in the High Street, they'll want to see a difference in the retail sector and that ultimately, I think, how any deal that emerges needs to be assessed," he said.

“The question is how will this impact on the Budget? I believe, and I’ve said this a number of times, a good deal could have a very tangible impact on the next budget.

“The Government is looking to take €3.1bn out of the economy next year. A good deal would reduce that very substantially.”

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