State in talks on cuts to Anglo bailout bill

EU and IMF lenders are working on an alternative to reduce the costs for Ireland of the €47 billion bailout bill for Anglo Irish Bank.

Though still at an early stage, Finance Minister Michael Noonan said that work on an alternative to the promissory note for the bust bank, now known as the IBRC, was under way.

The EU/IMF/ECB troika will produce a paper on the possible changes to the debt burden in the coming weeks, said Mr Noonan.