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22/01/2013
Promissory Notes Face High Court Challenge
The government's use of promissory notes to fund some banks will face a legal challenge in the High Court.
David Hall, director of the Irish Mortgage Holders Organisation, is bringing the case.
The primary issue is the validity of the promissory notes and actions taken on foot of them, according to John Rodgers SC.
It is understood that the Act that established the notes in 2010 required the Minister for Finance to secure a Dáil vote and this was not done.
Mr Rodgers claims that without the vote, the notes were void, going on to add that if the minister did not require a Dáil vote, then the Act was unconstitutional.
The case is expected to last four days and is before the President of the High Court Nicholas Kearns.
(H)
David Hall, director of the Irish Mortgage Holders Organisation, is bringing the case.
The primary issue is the validity of the promissory notes and actions taken on foot of them, according to John Rodgers SC.
It is understood that the Act that established the notes in 2010 required the Minister for Finance to secure a Dáil vote and this was not done.
Mr Rodgers claims that without the vote, the notes were void, going on to add that if the minister did not require a Dáil vote, then the Act was unconstitutional.
The case is expected to last four days and is before the President of the High Court Nicholas Kearns.
(H)
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