Noonan in talks to cut the cost of repaying debt

Wide-ranging discussions on how to reduce the cost of the country’s debt covering the money paid out to all Irish banks will be held by Michael Noonan, the finance minister, in Brussels and Frankfurt.

But the payout of €1.2 billion to Anglo bondholders will go ahead as planned tomorrow, and there will be no immediate change to the arrangements for the now defunct bank, estimated to cost the country €47bn in total.

Mr Noonan would not say how much the savings could be on changing the arrangements for the Anglo promissory notes. “No, we are not getting into that at this point.”