Ireland eyes “novel” promissory note solution -c.bank

Ireland is working on a “novel” solution to reach a deal with the European Central Bank on rescheduling part of its bank debt, which will not take policymakers too far out of their comfort zone, its central bank governor said.

Dublin has been negotiating with the ECB for over a year to ease the tough repayment terms on promissory notes, or IOUs, that it pumped mainly into the failed Anglo Irish Bank, and wants a deal agreed before the next payment falls due in March.

via Business feed http://www.scmp.com/business/economy/article/1129983/ireland-eyes-novel-promissory-note-solution-cbank