Promissory note delays criticised

The lack of progress on securing a deal on the promissory note structure to bail out Anglo Irish Bank has been criticised by Fianna Fáil, who said it remains the “best prospect of getting a deal on bank debt”.

Michael McGrath, the party’s finance spokesman, said discussions on the issue started last November when the Government promised a “technical paper” would be produced with the bailout partners.

“It is now June 2012 but there is no sign of such a paper and we do not know what stage the negotiations have reached,” he said.