ECB under pressure to cut deal on €31bn Anglo notes

The ECB said it was under “heavy time pressure” to reach a deal with the Government on the €31bn Anglo Irish promissory notes, raising hopes the annual €3bn burden on the taxpayer could be eased.

But despite being praised for the way the country is managing its crisis, making cuts and increasing taxes, Michael Noonan cut no deal with fellow finance ministers during a meeting in Cyprus.

Instead he has proposed that discussions on theAnglo IOUs should take place directly between the Government and the ECB, rather than through the Troika.