Are you confused by what Minister for Finance Michael Noonan announced in the Dáil today? Here is a simple guide to the deal on promissory notes:
* The second instalment of €3.06bn in cash due under the promissory notes arrangement was due on 31 March 2012.
* This was basically a very big IOU from the Government to the old Anglo Irish Bank, now called IBRC so as to pay for its rescue.
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