Tuesday 27 September 2016

Judgment reserved on prom notes

Published 06/04/2016 | 02:30

Independent TD Joan Collins is taking an appeal against the High Court's rejection of her challenge over the issuing of the promissory notes. Pic: Courtpix
Independent TD Joan Collins is taking an appeal against the High Court's rejection of her challenge over the issuing of the promissory notes. Pic: Courtpix

The Supreme Court has reserved judgment on the appeal by Independent TD Joan Collins against the High Court's rejection of her challenge to the issuing of €31bn promissory notes in 2009 for Anglo Irish Bank and other financial institutions.

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The death of Mr Justice Adrian Hardiman last month meant the appeal, which opened before a seven-judge court, concluded yesterday before a six-judge court.

Chief Justice Ms Justice Susan Denham said it was proposed to continue the appeal and, if the court ultimately split three/three on its decision, there would be a fresh appeal before a seven-judge court. If there was no such split, the court would deliver its judgment. Both sides consented to that approach.

The case relates to promissory notes issued by the Minister for Finance for Anglo and other financial institutions.

In her appeal, Ms Collins maintains the notes were impermissibly issued without a Dáil vote.

The State contends the minister was empowered to issue the notes under a 2008 law, the Credit Institutions (Financial Stabilisation) Act.

Irish Independent

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