TD loses court challenge to legality of promissory notes

TD loses court challenge to legality of promissory notes

United Left TD Joan Collins has lost her High Court challenge to the lawfulness of promissory notes.

The notes were used from 2010 as part of the €31bn recapitalisation of the former Anglo Irish Bank, and EBS.

The three-judges hearing the case found the Finance Minister acted within his powers under the 2008 Credit (Financial Support) Act and that the law is Constitutional.

Deputy Collins later expressed concern about the findings.

"The judges are saying that the Minister for Finance has absolute, unlimited power to hand over money to any amount that he or she deems fit, and I think that the Dáil has to now step in and reclaim the right of the Oireachtas to make those decisions and not leave them in the hands of one person," she said.

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