€31bn promissory notes were legally flawed, court told

Promissory notes amounting to over €31bn in financial support for financial institutions, including the former Anglo Irish Bank, were flawed, and payment on them cannot now be made, it has been claimed.

David Hall of College Grove, Castleknock, in Dublin, is seeking in a High Court action to prevent the Government from making payments on foot of the notes issued in favour of Anglo, the EBS, and Irish Nationwide.

Mr Hall, a founder member of the New Beginning group of business people and lawyers, said he has, for some time, had “grave reservations about the manner and way the public finances of the country have been run. The Irish people, having never been consulted about this and in circumstances where its representatives were bypassed, were being asked to honour a deal made in flagrant breach of the Constitution, with no democratic legitimacy and in breach of the treaty on the functioning of the EU”, he claimed yesterday.