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Klaus Regling Ng Han Guan/AP/Press Association Images

Michael Noonan to discuss Troika exit with head of eurozone bailout fund

Ireland’s push for a bank debt deal may also come up, but is not on the formal agenda for the meeting today.

FINANCE MINISTER MICHAEL Noonan will meet with the head of the eurozone’s permanent bailout fund, Klaus Regling, in Dublin this morning.

The head of the European Stability Mechanism (ESM) is in the capital for talks on Ireland’s exit from the EU-IMF bailout with the issue of using the bailout fund for retroactive recapitalisation of Ireland’s banks not on the formal agenda, but likely to be discussed.

A spokesperson for the minister said that the meeting will be mainly about an update on current events including the departure of the Troika and the recent bond issue by the NTMA, where Ireland secured €3.75 billion of borrowing on the open market at rates of around 3.5 per cent.

While the use of the ESM to retroactively recapitalise Ireland’s two main pillar banks, AIB and Bank of Ireland, is not on the main agenda, a spokesperson said that the position on the issue hasn’t changed and that “nothing will happen on it until later this year”.

Ireland has been pushing for the use of the ESM to retrospectively recapitalise its pillar banks which received billions of euro in State funding at the height of the financial crisis and wants EU leaders to honour an agreement in June 2012.

Regling has previously indicated that such recapitalisation using the fund that he heads “doesn’t seem very likely”.

European Commission Jose Manuel Barroso has also appeared to rule out any use of the new eurozone bailout fund retrospectively last December, while the Taoiseach Enda Kenny admitted he had missed his own deadline to secure a deal.

Noonan and Regling are due to brief the media on their discussions at midday.

Read: Taoiseach admits his own deadline on bank debt deal will be missed

Read: ‘Ireland wasn’t a victim of the Euro, the Euro was a victim of Ireland’s banks’- Barroso

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11 Comments
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    Mute Aus Tereo
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    Jan 17th 2014, 7:21 AM

    Noonan: So eh…about that bank debt deal…
    Regling: Shut up Michael
    Noonan: Yes master

    65
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    Mute rodrigo detriano
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    Jan 17th 2014, 7:42 AM

    Surely Enda’s SEISMIC SHIFT will take place soon. June 2012 was the date of that historic statement. 19 months later and nothing. Why hasn’t he been held to account for the most blatant lie of all? Would any other leader in the civilised world still be in power I ask?

    46
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    Mute Gerry Ryan deG
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    Jan 17th 2014, 8:30 AM

    You’re right, his own party would have shifted him, but here in this place, chancing your arm is cute political move, isn’t that the FG way.
    The 5 point plan set the standard.

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    Mute John Gleeson
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    Jan 17th 2014, 8:43 AM

    Was never going to happen,Ireland doesn’t register on European radars the only way out of this is to burn the debt and see what Europe do next.

    25
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    Mute Kerry Blake
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    Jan 17th 2014, 7:27 AM

    Sorry for his own little bit of remaining credibility seismic shift Enda should ask his spinners to stop mentioning this mythical bank deal.

    29
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    Mute P o leathlobhair
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    Jan 17th 2014, 7:55 AM

    Ah the old ‘game changer’

    22
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    Mute Jack Cass
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    Jan 17th 2014, 9:04 AM

    Rodrigo, I predict a Seismic Shift will take place soon-May to be precise.

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    Mute rodrigo detriano
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    Jan 17th 2014, 11:21 AM

    Tell me more Jack.

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    Mute FlopFlipU
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    Jan 17th 2014, 7:35 AM

    Not to worry Enda sure will make it up

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    Mute Charles Alexander
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    Jan 17th 2014, 2:54 PM

    How many European politicians does it take before Noonan and Kenny get the message: there will be no bank deal on the legacy assets – not now, not ever and in truth, there was never going to be.
    If it was anyone else (Noonan), then I would admire their persistence in not taking no for an answer but with every door fast becoming closed, this persistence is now becoming an embarrassment!

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    Mute journal commentator
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    Jan 17th 2014, 4:44 PM

    That pic looks like he’s about to get his face in between a pair of tits… awful pervy looking

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