FF: Govt must make clear there's no certainty of end-March promissory-note payment

Fianna Fáil is urging the Government to step up their efforts to negotiate a better deal with the ECB on the payment of the promissory note.

Finance Minister Michael Noonan has until the end of March to garner a better deal, when Ireland's third €3.1bn promissory note payment is due.

The ECB has already rejected Ireland's preferred option to extend the loan over a longer period, making annual repayments much smaller.

Fianna Fáil's party spokesperson on finance, Michael McGrath, said Irish people could not take any more austerity and that a deal on our debt was needed to avoid this.

Deputy McGrath said the Government needed to stand up to the ECB.

"I think that the ECB is taking for Ireland for granted, and believes that if no deal is struck over the next eight weeks that the Government will pay the promissory note again," he said.

"I think it is important that the Government would make it clear that there is absolutely no certainty that Ireland will pay over that money."