High Court hears claim that promissory notes are unlawful

UPDATE: The state’s bailout of former Anglo Irish Bank and Irish Nationwide Building Society is unlawful and breaches the constitution, the High Court was told today.

22nd January, 2013
The Four Courts in Dublin.

The state’s bailout of former Anglo Irish Bank and Irish Nationwide Building Society is unlawful and breaches the Constitution, the High Court was told today.

The claim was made as part of the opening arguments in a legal challenge to the state’s use of €31 billion of so-called promissory notes to rescue the lenders. The challenge is being brought by David Hall, a director of Irish Mortgage Holders Organisation, a debtors’ advocacy group....

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