Noonan: Asking for write-down would have been 'pointless'

The Finance Minister Michael Noonan says the deal on promissory notes does not include a write-down on Ireland's bank debt, because the ECB "doesn't give write-downs" to anyone as proven by Greece.

He added that asking for a write-down would be "pointless".

Michael Noonan has told a press conference that the effective interest rate on the new bonds will be around 1% and that the government wanted to introduce legislation in tandem with the deal announcement, but was forced to move last night.

Minister Noonan was also asked to respond to a suggestion from Sinn Féin's Pearse Doherty that the promissory deal is merely "kicking the can down the road".

“If I offered Pearse that he’d give me a thousand pounds and I would pay it back to him in 40 years, what do you think he would say? He’s making a political point, fair dues to him. It’s hard to be in opposition today when we have a very good news story.”