 Deal on bank debt: Enda Kenny The new deal on Irish bank debts will mean a decrease in the requirements for spending cuts and tax increases on the Irish taxpayer.
Taoiseach, Enda Kenny said the bank-debt deal will means that such requirements will be €1bn less than had been previously anticipated. "This plan will lead to a substantial improvement in the State's debt position over time," he said, adding the deal was an historic step in the move towards economic recovery. Instead of paying out €3.1bn per year in promissory-note payments, no capital payment will be made now until 2038, with the final payment in 2053. He told the Dáil the closure of the IBRC (formerly Anglo) as part of the deal bookended "a tragic chapter in our nation's history". Full text of the Taoiseach's speech from breakingnews.ie
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