The Taoiseach will hold a one-to-one meeting with the German chancellor Angela Merkel today.

Ireland’s attempt to get a deal on historic bank debt is unlikely to be addressed until the end of this year at the earliest and will be considered alongside the potential sale of State-owned banks, Finance Minister Michael Noonan has said.

The Irish Bank Officials Association has said the salaries of frontline bank officials cannot be cut, after the publication yesterday of the Mercer Report.

The UNITE trade union, which represents 10,000 workers in the financial sector, has said if bank salaries are to be cut, it must be at management level.

AIB has said that pay across the bank will have fallen by about 50% from 2008 levels once a severance programme and on-going cost-cutting measures take full effect.

The Government wants the country's main banks to cut their wage bills by 10% after a new report found that pay rates at Irish banks increased between 2008 and 2012.

The head of the IMF says special bailout terms cannot be invented for Ireland.

Finance Minister Michael Noonan has said no rules were broken in the deal on the Anglo promissory note, and that it any case it was too late now to undo the deal.

Minister for Social Protection Joan Burton has said it is critical that the promissory note deal gives Ireland some leeway to get people back to work.

The first signs of cracks in the deal on the Anglo promissory notes are beginning to show, it has been reported.

Tough negotiations aimed at cutting a deal on the rest of Ireland’s bank bailout debt are likely to drag into next year, the Taoiseach has admitted.

Irish Bank Resolution Corporation employees — who were put on monthly rolling contracts when the liquidation of the company was announced last week — have been told that their jobs are safe for at least the next three months.

The restructuring of €28bn in promissory notes last week reduces the net present value (NPV) of government debt by €13bn, or 8% of GDP, according to a research paper by Goodbody Stockbrokers.

There will be no deal on Ireland's legacy bank debt this summer, the Taoiseach has said.

So now we know — it’s Frankfurt’s way, all the way.

EU leaders are threatening to slam the door on Ireland recapitalising its €32bn bank debt from the union’s rescue fund — the next debt overhang the Government has promised to tackle.

The Irish Congress of Trade Unions expects that, despite Thursday’s promissory note deal, tens of thousands of people will still turn out for today’s anti-austerity march because of the anger that Ireland is still burdened with a €64bn banking debt.

Three months ago, staff working for IBRC moved back into their newly refurbished offices in the former Nationwide building on Grand Parade in Dublin.

The country’s largest teaching union indicated that the “benefits” from this week’s promissory note deal would need to be reflected in a reduction in the demand from the Government for €1bn in savings from public service workers.

The Taoiseach got what he wanted, writes Mary Regan, Political Correspondent

This deal on restructuring the €31bn promissory note was the best possible outcome for the country, Finance Minister Michael Noonan told the media yesterday evening.

The impact of the next two budgets will be eased by €1bn as a result of the bank debt deal, which was hailed as a “historic step” by Taoiseach Enda Kenny.

The Government has been accused of saddling future generations with billions of euro of debt.

The spokesman for the “Ballyhea Says No” movement has described the dramatic events of the past few days as “our worst fears confirmed” and said it was time for Irish people to take to the streets in mass protest.

Up to Wednesday night, the term “Irish Bank Resolution Corporation Bill” meant only one thing — a €34bn noose around the collective necks of the country’s taxpayers.

This is the first time in the history of the State that a special liquidator has been appointed to manage the wind down of a company.

They resisted rising to their feet on the government benches as they broke into delirious applause not once but six times when the details of the long-awaited Anglo debt deal were presented to the Dáil.

Niall Murray sought some answers to questions about his status as an IBRC mortgage holder, but didn’t find too many answers

Emergency powers granted to liquidate Anglo’s bad debt could be dangerous, claim TDs, but have been defended as necessary to protect the use of public funds.

YESTERDAY Taoiseach Enda Kenny presented to the Dáil the most significant agreement negotiated by any Fine Gael leader since Garret FitzGerald signed the Anglo-Irish Agreement in 1985.

TOMORROW’S public demonstrations around the country have been called by the Irish Congress of Trade Unions to ventilate the demand for a fair deal on bank debt and to oppose one-sided austerity.

The NTMA will most likely issue a 10-year bond in the very near future to take advantage of the positive market sentiment towards Ireland following the agreement reached with the ECB over the restructuring of the promissory notes, says Lorcan Roche Kelly, chief European strategist with the US hedge fund, Trend Macro.

Four TDs — Clare Daly, Luke Flanagan, Mick Wallace, and Joan Collins — want to be joined to businessman David Hall’s legal challenge to the Government’s payment of promissory notes issued in favour of the former Anglo Irish Bank and other financial institutions.

There were more questions than answers following the announcement that IBRC was to be liquidated. Here we try to correct the imbalance.

ONE of the main criticisms of Nama when it was set up was that the Government had created a monster that lacked transparency and accountability. As of Wednesday night, it got a whole lot bigger. However, the circumstances of the merger with IBRC means there is unlikely to be the same backlash.

Amid the chaos, confusion, denials, delays and information deficit leading up to the historic bank debt deal, the only constant was Twitter. Claire O’Sullivan traces the story from the first leak on Wednesday.