ECB announcement unlikely today, as council members take deal back to own Central Banks

The European Central Bank looks unlikely to make an announcement on the restructuring of the Anglo promissory note today, as had been hoped.

ECB announcement unlikely today, as council members take deal back to own Central Banks

The European Central Bank looks unlikely to make an announcement on the restructuring of the Anglo promissory note today, as had been hoped.

The Governing Council of the ECB is meeting in Frankfurt to discuss a deal after the Government's decision to liquidate IBRC overnight.

Bloomberg news is reporting that members of the governing council want to discuss it with their own Central Banks before making a decision.

Meanwhile, the Minister for Social Protection said Ireland needed the "understanding" of the ECB.

Minister Burton said the decision to rush through legislation overnight was "appropriate", and the focus now must be on pushing Ireland's debt out over a longer period to allow for economic growth.

Minister Burton said it was too early to say whether a deal would have an impact on forthcoming budgets, and that the Government would have to wait to see how the ECB decides to proceed.

"The boss of the ECB, Mario Draghi, has said repeatedly that he would do all it takes...In the case of Ireland, (we) have done a huge amount…We hope the understanding of the ECB will be forthcoming again," she said.

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