Overview of moving from Promissory Notes to Soverign Debt - February 6-7, 2013

Posted on Saturday, 9 February 2013
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ƒ Legislation has been passed providing for the orderly wind‐up of IBRC through the appointment of Special Liquidators

who will manage the process

₋ Existing funding arrangements with regard to the Promissory Notes between IBRC and the Central Bank of

Ireland (CBI) unwind and the CBI becomes economic owner of the Promissory Notes which are exchanged for

Government bonds

₋ NAMA, through an SPV, has been directed to acquire the Exceptional Liquidity Assistance (ELA) Facility Deed

and the associated floating charge over the other IBRC assets from the CBI, funding this purchase by the

issuance of Government Guaranteed NAMA bonds to the CBI

₋ The other creditors of IBRC will receive payment to the extent there are excess assets in the company available

ƒ The Promissory Notes will be replaced with a portfolio of Irish Government bonds

₋ The portfolio will be comprise: