Supreme Court to hear TD’s promissory note appeal

A seven-judge Supreme Court is to hear the appeal by independent TD Joan Collins against the rejection of her challenge to the minister for finance’s decision issuing €31bn promissory notes in favour of Anglo Irish Bank and Educational Building Society.

The appeal, against the dismissal by a three-judge High Court in November 2013 of the TD’s challenge, is due to open today.

The High Court, comprising Mr Justice Peter Kelly, Ms Justice Mary Finlay Geoghegan and Mr Justice Gerard Hogan, had ruled the promissory notes were validly issued under a law which was constitutional.

After that judgement, the State said it would not seek the substantial costs of the High Court hearing against Ms Collins if she did not appeal. When she made clear she would appeal, the State sought its costs against her.

In 2014, the High Court refused the State’s costs’ application and ordered the State to pay 75% of the substantial legal costs incurred by the TD. She would have to pay the remaining 25% herself, it said. The case raised “exceptional” issues affecting the operation of the State’s finances, many of which had never been previously considered, Mr Justice Kelly said when giving the three- judge court’s ruling.