The President of the European Central Bank has told the European Parliament that the ECB will pass a judgement on the Irish promissory note deal during the course of the year.
Mario Draghi said it was not necessary to pass a judgement on the deal prior to it proceeding.
He noted that a positive aspect of the deal - as far as the ECB is concerned - is the elimination of Exceptional Liquidity Assistance (ELA).
This is the emergency lending facility extended to IBRC to meet its liabilities, which was secured on the promissory notes.
''This is a transaction between the Central Bank of Ireland and the Government of Ireland, and we did not have to pass any judgement on it We will pass a judgement on it in our annual assessment of country's actions and their compatibility with Article 123, but not at this time,'' Mr Draghi said.
He noted that the ECB had a huge ELA lending to Ireland for many years. He said the ELA has now disappeared and has been replaced with a marketable instrument which the Irish Central Bank will sell as soon as possible consistent with its assessment of financial stability.
''Crucial will be the disposal policy of the Central Bank of Ireland - we will have this assessment over the course of the year,'' the ECB President said.
On Friday, Mr Draghi said the ECB would be examining the Anglo debt deal further to make sure it did not breach the ECB's rules and statutes.
It follows comments by German ECB governing council member and Bundesbank chief Jens Wiedmann, who said the promissory notes deal came close to breaking an EU ban on the monetary financing of governments.
Under Article 123 of the EU Treaty, financing of governments is banned.
Yesterday, Minister of State at the Department of Finance Brian Hayes dismissed as "fanciful" reports that the promissory notes deal could unravel.
Promissory notes deal not about to unravel
Donal Donovan of the Fiscal Advisory Council has said that the Government's deal on the promissory notes is not about to unravel.
Speaking on RTÉ's Morning Ireland, the former IMF Deputy Director said that the deal is done, that the promissory notes have been torn up and IBRC liquidated.
Mr Donovan said the key point now is the speed with which the Central Bank has to sell the bonds that have been issued in its place.
He said the Government hopes to stretch out the holding period for the sale of the bonds, as selling them is the same as borrowing, thus putting pressure on Irish bond markets.
Mr Donovan said there is a minimum schedule for their sale, but that there is also a statement in the deal that the Central Bank is committed to selling the bonds as quickly as possible, subject to conditions of financial stability.
He stated that if someone concluded that the conditions are right for Ireland, then the Central Bank might have to act.
That is possibly the only avenue Germany could use in order to pressurise Ireland in a way that would reduce the advantages of the deal, he added.
Meanwhile, Minister for Social Protection Joan Burton has denied any division in the Cabinet over how to allocate savings made under the promissory note deal.
Minister Burton said she was of the opinion that the Government should use all available funds to boost the economy and protect jobs.
She said that Fine Gael had the same priorities.
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