IBRC has to wait on promissory notes deal

The Irish Bank Resolution Corporation will only know what the implications of a restructuring of the €29bn in promissory notes will have on the bank when the deal is finalised, chief executive Mike Aynsley told the Oireachtas Finance Committee yesterday.

But the IBRC has provided models based on different restructuring assumptions to the Government and the ECB, both of which are currently in negotiations on the highly sensitive issue of promissory notes.

The Government issued €29bn in promissory notes in 2010 to cover losses in Anglo Irish Bank.