Promissory notes deal ‘crucial’

Getting a deal on the promissory notes is crucial to an Irish recovery, AIB’s chief economist told Cork Chamber’s breakfast briefing yesterday.

Oliver Mangan said a deal on the Anglo promissory notes could work as a backstop against Ireland slipping into a deeper recession if the global economy continues to contract, causing Ireland to miss budgetary targets.

He welcomed comments by a minister who said Ireland would not pay the €3.1bn owed in March.