The Minister for Finance Michael Noonan said the ship has left the port in relation to any undoing of the promissory note deal agreed 2 weeks.

In an interview this morning with Bloomberg Mr. Noonan said Europe owes Ireland and no rules were broken in the deal worked out in the early hours of Wednesday February 7th.

Mr. Noonan said he also believes that Ireland has a strong case to get the European Stability Mechanism (ESM) to take on the bank debts.

He also said Irish exports have not been affected by a strengthening Euro.

But he was quite clear that the deal on the promissory note stands and will not be unwound at a later stage.