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Ireland must be seen to honour debts, says European Commission

Ireland must be seen to honour debts, says European Commission

Ireland must be seen to honour debts, says European Commission

The European Commission has said that it supports Ireland's efforts to regain market confidence.

“The promissory notes are part of Ireland's debt,” it noted today.

“In view of the objective to regain market confidence and graduate from the EU/IMF financial assistance programme, it is of utmost importance that Ireland is seen to honour its financial obligations.”

Together with the authorities and troika partners, the Commission is now exploring avenues to further strengthen the domestic banking sector such that it can better provide credit to the economy and support the recovery, it added.

It also reiterated vice-president Olli Rehn’s statement that there are separate technical negotiations going on with the troika and with the Irish Government and that the promissory notes are an element in this work.

Karina Corbett