Anglo Promissory Notes Illegal, Says Noonan

For once, I don’t know what to say, so maybe the best thing to do is rely on our Finance Minister.  After all, who could possibly be  more reliable than this man who has just rescued our nation from penury?


Michael Noonan

Interviewed on radio, Michael Noonan explained that the European Central Bank agreed to the Anglo financing deal because it was slightly less illegal than the existing promissory note arrangement.


I thought the ECB were sticklers for the rules.  I thought that was the whole reason why it took so long to get a deal.  But no.  Apparently, it took so long to get a deal because the ECB wanted to stick with an illegal arrangement.  So much for rules.  Who knew that the ECB were so against doing things properly?

Apparently, according to Noonan, there was no point going to the ECB and saying, look, this Anglo deal is completely illegal.  The ECB would have said legal schmegal, in Noonan’s opinion.  Instead, he had to come up with something slightly less illegal, in the process making certain that for ever more, the Anglo debt would be visited on the Irish people even though they didn’t incur it.

I’m delighted that Michael Noonan is happy tonight after his victory, but did it ever occur to him that there might have been an alternative strategy?  After all, since he himself acknowledged that the promissory notes were illegal, did he perhaps consider pointing out that fact to the ECB and walking away from the obligation?

Apparently not.  Instead, we’re now celebrating the fact that our children and grandchildren will end up paying a debt none of us caused.


8 thoughts on “Anglo Promissory Notes Illegal, Says Noonan

  1. Apparently not. Instead, we’re now celebrating the fact that our children and grandchildren will end up paying a debt none of us caused.

    As opposed to paying them paying for a debt that we did cause. That’s socialism for you.

  2. Did I dream it or did I actually hear a government junior minister on the radio yesterday saying that , in reality, we will probably never pay back this debt as no government really honours long-term national debts ?

  3. It’s true that governments normally roll over sovereign debt in the markets, but I think this one is slightly different since they now owe the money to the ECB and the bond has various defined maturity dates.

  4. Noonans pathetic attempt at self justification by using the example of his purchase of a three bed semi d is proof of his self delusion . That makes it ok so Baldy?

  5. Bock, Does the ECB need any more money? After all the ashes have been won home and away on the last 2 occasions.

  6. This is our debt. Brian Lenihan made it so. But no one can speak I’ll of the dead so we will never know why. Like bock has said in other posts, it would be better to ask for the why, and base future decisions on an informed opinion rather than merely give out….

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.