Minister Noonan said a longer-term structured arrangement on the €30bn which the State put into Anglo Irish Bank would be more valuable than an agreement that burden sharing could be imposed on senior unsecured bondholders.
The promissary note was a method of paying for the cash sunk into Anglo by way of a €3bn payment each year.
Mr Noonan said that once the interest rate holiday on that arrangement expired in 2013 it would become a very expensive burden.
He said he hoped to begin a negotiation process with the ECB on switching the current arrangement to a longer-term facility, possibly up to 30 years with a more favourable interest rate.
It is thought this could, if agreed to, mean an annual paydown of €1bn instead of €3bn.
Mr Noonan said he was "committed to raising burden sharing again", but that the promissary note issue was "more valuable to Ireland than any burden sharing on residual bondholders."