I came across this excellent  article (explanation) on just exactly what Irish Jig; Michael Noonan is dancing to with regards to the restructuring of the promissory notes due for cash repayment.

By soberlook.com

In 2010 the Irish government bailed out (recapitalized) the Irish banks with 30bn euros. The government could not easily raise these funds in the market so it used promissory notes (PNs) instead of cash (sort of what California did when they paid salaries with IOUs during their “budget issues” in 09). These PNs are set up to pay a set amount over the next 20 years.
The promissory notes were used  as collateral with the Central Bank of Ireland to obtain central bank emergency financing called ELA. That collateral did not qualify for LTRO, leaving ELA balances outstanding. Since then the banks were “restructured” creating the Irish Bank Resolution Corporation (IBRC) – the “bad bank” to hold all the wonderful real estate loans and properties. Now IBRC owes the Central Bank of Ireland money under the ELA.
This year about EUR 3.1bn of PNs was due (on March 31st), but the Irish government was in no position to pay that in cash. Instead the goal has been to kick the can down the road  – as far as it can roll. The Finance Minister Michael Noonan has been trying for a while to restructure the PNs by swapping them into long-term government bonds. His negotiations with the EU/ECB have yielded only a partial result. He was able to roll just the 3.1bn due this year, but it required a fairly messy transaction. The issue is that the ELA financing is meant to be a temporary measure and the ECB wants it paid down asap.

full article at source; http://soberlook.com/2012/04/restructuring-irish-promissory-notes.html

Comment:

This private bank debt was foisted on to the shoulders of the Irish citizens by corrupt politicians who were duped into a panic action by the superior corrupt bankers .This debt is not Irish national debt but private commercial bank debts incurred by the banks who went on a gambling spree with the help of their it turn equally corrupt backers (private bondholders)These Bondholders should have had to pay the consequences for their bad investments but as you can see in the article the ECB would not allow the Irish Government  make the bondholders pay for their own gambling losses they instead forced the Irish Government to socialize the private commercial losses by placing these massive losses on to the shoulders of the Irish taxpayers and citizens.

As a result the citizens of Ireland are now struggling to make ends meet ,hundreds of thousands of jobs have been lost ,1350 are leaving  the country every week, 450,000 are been denied the right to work ,the resulting austerity measures dictated from Europe are pauperizing the vast majority of the population and our corrupt politicians have abandoned their sworn duty to uphold the interests of their own people in favour of their own enrichment and the interests of the vested interests who are backing them .The people of Iceland showed what true democracy is as they refused to be blackmailed and bullied into paying private corrupt bankers debts. At least they had the balls to stand up and say now we will not pay.

Where are the real patriots of Ireland who will stand up and say enough, we will not go into the night and disappear as an independent nation!

We were once a proud Celtic nation and I for one will once again take on the trappings of our Celtic past and don the traditional ancient Irish dress” the Kilt “as my way of showing defiance and independence! I will now ware this form of dress as often as I can to remind people who we were and who we are.

The English knew the way to subjugate a people was to rob them of their language and culture, we are born free men and I will not accept imposed financial slavery from a corrupt political system that has become an instrument of dictatorship by a select political élite. Join me wear the Irish Kilt show you independence.

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• Ireland’s debt burden – The government’s battle to earn respite over its bank bail-outs (The Economist) (nuzaddikt.wordpress.com)
• Banana Republic status comes a step closer with Anglo promissory note deal (namawinelake.wordpress.com)
• Anglo Irish 3.1 Billion Payment (awakenlongford.wordpress.com)
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• Household Charge, Promissory Note, Ard Fheis: the day before April Fool’s Day (sluggerotoole.com)
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