Rabbitte: No timetable for restructuring of Anglo promissory notes
Minister for Communications Pat Rabbitte said today that there is no timetable for restructuring the repayment terms of the Anglo Irish Bank promissory notes.
Minister Rabbitte said that he hopes the negotiations will be finalised sooner rather than later.
His comments come after reports that the Minister expected an agreement on the restructuring in the next few weeks.
A deal would lessen the burden of the promissory note, or IOU, worth €31bn owed to Europe which was used to bail out Anglo Irish Bank (now known as the Irish Bank Resolution Corporation).
Minister Rabbitte said that work on negotiating a deal is continuing.
"I'm very hopeful that a deal will be reached and reached sooner [rather] than later," said Minister Rabbitte.
"As you know, the Irish Government has been working away for some months now at the effort to restructure the commitments that have been entered into in respect of the promissory notes, in respect of Anglo Irish Bank as it was, and I'm very hopeful that he has been making significant progress."
