Thursday August 13, 2020

A deal made in Frankfurt

The government will be pleased to have got a deal on the promissory note, but it had to play by ECB rules, writes Cliff Taylor.

31st March, 2012
Michael Noonan, Minister for Finance, and Brian Hayes, Minister of State at the Department of Finance last Thursday. Photo: Photocall

The government will be pleased that it finally got the deal on the promissory note over the line. But why was it all so complicated?

The key to understanding this is to realise that the whole thing was constructed to get around the concerns of the European Central Bank. It is getting its money back after all, and it is not being asked to do anything it would not do in the normal course of...

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