in case you missed this last week on February 8. Pat Kenny led a very insightful interview with Finance Minister Michael Noonan (09:55) on RTE about the details of the Anglo Irish Bank / IBRC promissory notes deal. Noonan admits that the initial Anglo Irish Bank promissory notes deal by the then Fianna Fáil government was totally illegal.
lots of detail here about the new promissory notes arrangement as well. Mario Draghi ECB and Jörg Asmussen an executive board member of the ECB and former deputy finance minister of Germany helped to push the deal through for Ireland. Noonan clearly confirms the fiscal nature of the deal and how it will improve the fiscal situation in Ireland. Now that explains the allergic reaction by the Bundesbank.