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Dublin: 4 °C Saturday 25 May, 2013

Taoiseach rejects Greek-style Anglo promissory deal

But Kenny said the Government is seeking a new deal that is like “a replacement of a bank overdraft with a very long term mortgage”.

IRELAND WON’T BE undertaking a Greek-style Anglo promissory note deal – but it is hoping that there will be a “re-engineering” of the payback, the Taoiseach said today.

Taoiseach Enda Kenny was asked by Deputy Shane Ross in the Dáil today if he would consider following Greece’s lead in getting the country’s debt written off.

Ross said that Ireland has one important thing in common with Greece – “both have unsustainable levels of debt”. He added that the Greeks “seem to have worked that to their advantage and we seem to find it very difficult to do so”.

He added that Greece has “eyeballed” the European Commission and the IMF, while Ireland has not. Ross asked the Taoiseach in the light of the Greek deal would he be prepared to tell the EU Commission and IMF “that we will not be paying those promissory notes on the 31 March”.

Taoiseach Enda Kenny replied that this was a decision made by the Eurozone ministers to see that Greece maintains its position as a member of the Eurozone and can work its way out of it. “It is in an entirely different position than Ireland or indeed Portugal,” he said.

The Taoiseach said that it is the intention of the Minister for Finance not to have to pay the €3 billion in March 2013.

It does take time and diligence and patience to get a sense of trust and confidence and belief from others that they should help us… that recognition is now there and we will continue the discussion to bring about a situation where that level of debt can be re-engineered in the country’s interest.

He added that the intention of the Government is to bring about a situation “where we get agreement for reingineering” the promissory note, insofar as the former Anglo Irish Bank is concerned. “It is [like] a replacement of a bank overdraft with a very long mortgage,” he said.

It was reported in October that the government was considering replacing the promissory notes with a 40-year bond worth up to €40 billion.

Read: Opposition bemoans lack of progress on bank deal after Schauble visit>

Read: Bank of Ireland shareholders approve complex promissory note – bond deal>

Read: Noonan hopeful of deal on Anglo promissory note before Budget>

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Comments (55 Comments)

  • Enda, for the sake of the Country, will you ever grow a pair or F**k off and let someone else resolve this cancerous burden on the state. Someone who will have true grit, confidence and the competence to deal with this living nightmare that is shredding the soul of every Irish citizen.

    Reply
    • Declan, completely agree. The very sight of this imbecile makes my blood boil. His constant smarmy grin copper fastens my belief that he is completely out of touch with reality and sure why wouldn’t he be. Doesn’t have to pay for a car, petrol, tax, insurance, tolls, phone, meals etc., all expensed. Has two pensions, one from a profession he hasn’t worked in for 40 years.

      However what really annoys me is the silence and flip flopping. Why can’t he stand up in The Dail and give a State of The Nations speech. Tell us, the Citizens of Ireland what the plan is and what actions he’s going to take in the coming months. Doesn’t matter if these actions are unpopular or difficult, once it’s for the greater good of the country. This I would respect.

      But Declan as you alluded to earlier, I can never see this happening as Enda constantly demonstrates, he’s lacking a pair.

      Reply
    • peter 27/11/12 #

      Ah Declan don’t talk about the ‘man of Europe ‘ like that. Look how much has changed since he took over.
      House prices still falling,
      Employment still rising,
      Emigration still rampant,
      HSE still in a mess,
      College grants still unpaid,
      Banks still paying above the cap,
      Banks still saying no,
      Croke Pk agreement still in situ,
      Civil servants pensions still outrageous,
      Bankers pay offs still offensive,
      TDs still doing fukc all,
      Ministers still doing fckimg less,
      Crime still rising,
      Fear is still been used,
      Lies still been told,
      Senate still there,
      Quangos still there,
      Expenses still unvouched,
      Confidence still low,
      Economy still in sh*te,
      Everyone is still worried,
      Still Europes little experiment,
      Still a country without a strong leader,
      Still a country in intensive care & worst of all still another 4 years of this PRI*K.

      Reply
    • Well put there Peter. Excellent.

      Reply
    • U summed it up perfectly Peter. At this stage I’d favour sending Marty mcGuinness and his trusty Gloch to discuss the “sichiation” with Merkel.

      Reply
  • Jesus, even the OECD called today for action on our bank debt, but indas too much of a coward to do his job.

    Reply
  • Why should Kenny an co worry about a write down, they have the big big wages,they have the holidays every three or four weeks while the self employed are lucky to get home at night, they don’t give two F–Ks for the people of this country, just grab a big wage big pension and F–K the rest of us.

    Reply
  • Enda would rather be seen as a good little lad, receiving the odd gold star from the head principal, rather than be a leader of this government. Total clown has 0 leadership skills, a deer in head lights.

    Reply
  • Unfortunately, these lily-livered imbeciles will pay the three-billion promissory note in March, like the good little quislings they are, while our citizens continue to endure further hardship. Those who are in receipt of this stolen largess will continue to rape and exploit this planet, financially, socially and environmentally, until it’s nothing but a dried up husk. But that’s ‘growth’ for you.

    Reply
  • I called Enda a useless coward in a post earlier today. I’ve a feeling someone reported my post , so here it is again. He’s a useless coward. Perhaps the luckliest man to take the role of Taoiseach. He is utterly spineless and way out of his depth.

    Reply
  • The Greeks got a write down because they mobilized and went beserk. It was’nt their politicians who pushed it. We on the other hand are not mobilizing so get squat!

    Reply
  • Fast forward 3 years.

    We are working on a deal for the Anglo promissory notes……We hope to have a deal soon.

    Reply
  • Re-engineer debt, longer term loan, seismic shift my arse!

    What a climb down..

    Complete f@#%ing treason you shower of deceitful inept poisonous clowns..

    Reply
  • Enda & Eamon both a total waste of space. The sooner this government falls the better. They are costing us money and endangering Irish citizens lives by cutting necessary services all to pay off private bank debts.

    Reply
  • What a spoofer

    Reply
  • If we keep going at this pace we will have paid off the gambling debts of the real culprits, some of whom are still in their big posts and still getting obscene salaries and pensions which our leaders can do nothing about…our country will be wiped and we will be years behind the rest of europe

    Reply
  • Enema Kenny, you self serving, glory grabbing tosser.
    How about you stop this pathetic pandering and simpering to the Europeans and start actually doing your job.
    Oh sorry, that would mean that you wouldn’t be European of the year, or on the cover of time magazine.
    I really hope that you can sleep at night, because all of the people in this country that are struggling because of your self serving decisions can’t.
    it’s time to admit that you are no good, stand down and make way for some one who will actually lead this country on the correct path and out of this crisis.

    Reply
  • Nearly two years in office and nothing achieved except the abandonment or breaking of every pre-election promise. Why negotiate a “long term loan” to pay a debt not incurred by any of the electorate?
    Refuse all future payments and initiate legal proceedings against ECB NOW.
    Get back some of what has been handed over already – including our right to our Independence.

    Reply
    • Brian
      What confrontation industry do you work in. Your ideas wouldn’t work in a hostage taking incident never mind negotiating with our European friends. Whatever respect other Nations has for this country would be gone….for ever.

      Reply
    • Brian

      GARRY is a troll. It’s well known. Just ignore him.

      Reply
    • Is he a troll because you just disagree with him? I’d like to see an answer to the question.

      Reply
    • It’s not because I disagree with him, he is well known as a troll.

      Reply
    • Brian.
      Your dead right there. Pay no attention to the trolls,they are pathetic lapdogs trying to follow any threads or articles that might give people a chance to air how they feel about the shambolic government.

      Reply
    • Garry, BULLSHIT!

      Greece should be thrown out of the euro but Adolf Merkel knows that the euro is finished if that happens.
      The Greeks know this and are using it to leverage a better deal.
      Realise this, Ireland is worse off financially than Greece. Our current deficit will be almost 9% after Decembers budget so we can expect another 4 similar budgets. The Greek current deficit is at 4% now.

      Reply
    • Second comment down and we are already at Godwin’s Law!

      Reply
    • Always the same, Jim. I honestly don’t know why you still bother. It’s not as if anyone here’s going to change their views. Just football supporters who aren’t fans of football. Back to bed for me, I’ll check if anyone’s saying anything new in spring.

      Reply
    • Won’t happen with the troika appeasers of Enda Neville chamberlain Kenny the golden star awarded by mammy Merkel and Goebbels gilmore the other 2 euro lackey parties in FF and Lab party in tow.all 3 parties are dedicated to being part of the United STates of EUrope run by Merkel and Hollander with poodle Kenny.

      Reply
    • May need a coup and the last few patriots appear to be socialist party and SF with David mc Williams and ULA with Direct Democracy Ireland appear to be only people who are willing to make a stand as the quislings in FG/FF and Lab and greens are Merkels misery squad who are dishing out the pain for no apparent gain.

      Reply
  • If the present shower were were still in their seats thst would be the story.
    Hopefully they will be consigned to history as the pathetic failures that they are.

    Reply
  • @Garry. He’s not “my” Taoiseach. I didn’t vote for him. He’s probably “your” Taoiseach. Go to him.

    Reply
  • All it needs is a pair of balls, something Edna kenny lacks!

    Reply
    • Ciaran
      You seem so worried about the genitalia belonging to our Taoiseach that it is beginning to look like some sort of fixation. This may indicate a deep seated problem of sexuality or sexual immaturity. It is important that these problems be treated as soon as possible. Any general hospital will have a good Psych outpatient department. Good luck with your problem.

      Reply
  • According to the european commission forecasts Irish debt to GDP will be 121% in 2020, Greece debt to GDP will be 120%

    And Gaaaarrrrry still wont be able to spell his name correctly :-)

    Reply
  • He is a MUPPETT, No balls and full of fluff or saw dust.

    Reply
  • Is there ever a time where people were happy with the current Government? Even during the Celtic Tiger, people were still giving out about the government.

    I’m not saying that Fine Gael have been good in fact they’ve been terrible but who do we replace them with?

    Reply
  • Im not really a big fan of any of the parties.. But when richard bruton was going up against enda for the leadership I was really hoping he would get it, seems like an intelligent man that knows what he’s talking about when it comes to economics.. Anyone agree?

    Reply
  • Didn’t we get waxed Jeds today, what more do u want…..

    Reply

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