Meanwhile, In Minister Noonan’s Imagination

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Read the statement by the Minister for Finance, Michael Noonan, to the Dáil this afternoon on the March 31 Promissory Note here.

In short: He’s replaced the promissory note with a government bond (so it’s one IOU for another). This bond is given to Anglo, who take it to the Bank of Ireland. The BoI gives Anglo cash in return for the bond, thus paying off the promissory note payment. Meanwhile, the BoI swaps the IOU with the ECB in return for cash.Where Nama comes into it confuses us entirely.

THE challenge: Can anyone explain this transaction in less than 50 words?

Meanwhile, a welcome Irish Times typo:

Earlier: Anglo Boss Made €866,000 LAST YEAR

Thanks BlackMamba