Howlin: Promissory note deal must have 'social dividend'

Public Expenditure Minister Brendan Howlin Brendan Howlin has told the Dáil today that there must be a "social dividend" to the liquidation of the IBRC.

He said that every citizen must benefit from the deal on the bad debts of Anglo, which involved a reworking of the promissory notes so the money does not have to be paid next month.

The benefit to putting off payment until 2038 has been estimated at €1bn.

"The best possible thing this country was achieved last week," said Minister Howlin.

"But it is only one step in the path of recovery which we must do. And I want to agree with the Deputy, that there must be a social dividend from the incremental progress we're making because in truth, the Irish people have taken an enormous burden."