€31bn promissory notes law ‘not unconstitutional’

A law under which the minister for finance issued €31bn promissory notes for Anglo Irish Bank and other financial instiutions did not amount to an unconstitutional “blank cheque”, the State has told the Supreme Court.

The court will resume, on a later date, hearing the appeal by Independent TD Joan Collins against the High Court’s rejection of her challenge over the issuing of the promissory notes.

The State contends the minister was empowered to issue the notes under a 2008 law, the Credit Institutions (Financial Stabilisation) Act.