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

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:
 
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