March 29, 2012 / 7:12 PM / 7 years ago

TEXT-ECB statement on Irish bank promissory notes

COPENHAGEN, March 29 (Reuters) - The following is a statement by an ECB spokesperson on Ireland’s initial promissory note bank deal.

“The ECB takes note of today’s announcement of the minister of finance of Ireland regarding the government’s intentions on the payment of the promissory notes due on Friday the 30th of March 2012.

It is very important that the Irish state will honour the 3.06 billion euro amortisation of the promissory notes. This will reduce the emergency liquidity assistance which IBRC receives from the central bank of Ireland and thus the Eurosystem.

We certainly expect that also in the future the promissory notes will be served according to the schedule to which the government has committed itself.

As Ireland strives to regain market confidence, it is of utmost importance that the commitments of the Irish state are met in line with standing contracts and agreements.

The Eurosystem has provided unprecedented support for the Irish banking sector. The objective should be to reduce over time the reliance of Irish banks on central bank funding and in particular on the emergency liquidity assistance.”

For for more detail on the deal, click: [ID:nL6E8ETA89} (Reporting By Paul Carrel and Daniel Flynn)

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