Taoiseach hopeful of deal on promissory notes

Taoiseach Enda Kenny has said he is hopeful the European Central Bank (ECB) will agree to a deal to swap the Anglo Irish Bank promissory notes for a long-term Government bond.

The Finance Minister Michael Noonan outlined the details of the proposal in the Dáil last night to postpone the payment of €3.1bn due at the end of the month.

The Governor of the Central Bank Patrick Honohan is today tabling the plan at a meeting of the ECB governing council in Frankfurt.

Mr Kenny said he hopes the negotiations on the proposal will be concluded today.

The Taoiseach said: "Clearly the Government have been making our case in this area since last September; these things are obviously technical and complicated, and they don't just happen overnight.

"So I understand that the Governor will table the proposal outlined in principle by the Minister yesterday and let's hope that the details can be concluded in Frankfurt today."