ECB negotiations on promissory note conclude for day

Negotiations with the ECB over the possible restructuring of Anglo Irish Bank debt owed by the state have concluded for the day.

The Governor of the Irish Central Bank Patrick Honohan has asked for an effective delay in repaying almost €3.1bn of debt which is due at the end of the month.

The Minister for Finance said that while discussions on the general issue of the bank debt were continuing, the focus was now on whether the €3.1bn installment could be settled with a long-term Irish Government bond instead.

Michael Noonan said the development in relation to the March repayment would be positive but the Government is keeping its eye on the greater benefits which would derive from a renegotiation of the entire promissory note.

Speaking in the Dáil this afternoon, Mr Noonan said the Irish request had been formalised, but that a decision still had to be made by the troika.

"I can confirm that the principal agenda item is to negotiate an overall settlement to have an alternative to the promissory note, which would be less onerous on the Irish taxpayer" he said.