When Anglo Irish Bank went to the wall the previous Irish government put promissory notes into the bank to the tune of €31 billion and insisted the irish taxpayers paid its debts even though it did no buisiness with Joe Soap, just developers. Now the bank has been wound up and the new government insists the irish taxpayers continue to pay yearly these promissory notes, in a callious move to support the bank against the wishes of it own people.

Now a hero has stood up in David Hal, who is taking a legal challenge against paying back this €31 billion just as the Irish government is about to make a payment  at the end of this month. In the meantime the Irish governement is trying to get a solution with the ECB on these promissory notes to lock the Irish people into paying these as bonds at which it would be impossible to get out of. Its good to see somebody stand up to the banks after its government sold them out. 🙂

While the story was run on Newstalk radio today, a quick look at the Irish MSM shows no coverage. The original story was broken on reuters.

Activist seeks declaration that promissory notes illegal

* Says 31 billion promissory note not approved by parliament

(Reuters) – An Irish activist on Monday launched a legal challenge against a 31 billion euro ($41 billion) promissory note issued by the government to bail out two collapsed banks, saying the scheme was not approved by parliament.

The move comes amid talks between the Irish government and the European Central Bank on a possible refinancing of the notes, used to bail out now-defunct Anglo Irish Bank and Irish Nationwide Building Society.

A 3.1 billion euro repayment on the notes is due by the end of the week, and the government is exploring ways to delay the payment after a groundswell of opposition. The first repayment was made last year.

David Hall, the founder of an organisation that gives legal advice to struggling mortgage holders, on Monday applied for a judicial review of the scheme in the Irish High Court, according to documents presented in court.

Hall argued that the government’s decision to issue the 31 billion euros of promissory notes violated the constitution as it failed to secure parliamentary approval.

The papers ask the court for a declaration that the promissory notes “are of no effect and void.”

Senior Counsel John Rogers, a former attorney general of Ireland, is representing Hall. The High Court will allow the government to respond to the application on Wednesday.