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Published on Oct 16, 2013
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Billions given unlawfully to insolvent banks, court hears
Joan Collins is challenging the Government’s promissory note payments
Promissory notes ‘unusual’ but not unlawful, court told
Senior official with Department of Finance gives evidence
A senior official with the Department of Finance has told the High Court that promissory notes issued in 2010 by the Minister for Finance to recapitalise Anglo Irish Bank and other institutions for some €31 billion were “unusual” instruments but not unlawful.
Ann Nolan, second secretary in the department, said it was the view of the department in 2010 that it was necessary to provide unconditional financial support to the relevant banks.
Ireland does not treat even gross negligence in the management of major institutions or companies as criminal activity, Mr Justice Frank Clarke of the Supreme Court has said.