€31bn promissory notes 'flawed', High Court told
Published 23/01/2013 | 05:00
A BUSINESSMAN has taken a legal challenge to prevent payment of the promissory notes used to support financial institutions.
The IOUs amounting to more than €31bn were flawed, the High Court was told.
David Hall of College Grove, Castleknock, Dublin, said he has, for some time, had "grave reservations about the manner and way the public finances of the country have been run".
He was described in court as an employer and "a person with significant tax payments and obligations".
He is a founder member of the New Beginnings group of business people and lawyers.
Mr Hall is seeking to prevent the State from making payments on foot of the notes issued in favour of Irish Bank Resolution Corporation (IBRC), the Educational Building Society and Irish Nationwide.
He said the Irish people, having never been consulted, were being asked to honour a deal made in breach of the constitution.
There was no democratic legitimacy and it was in breach of the Treaty on the Functioning of the EU, he claimed.
Mr Justice Nicholas Kearns heard claims that the promissory notes were unlawful on various grounds, including that the Dail had not specifically approved them as was required by the Constitution.
The defence rejects the charge that the promissory notes were unlawful and will present its case to Mr Justice Kearns when the hearing resumes today.