United Left TD Joan Collins says she is disappointed about losing her High Court challenge over the lawfulness of promissory notes.

The notes were used from 2010 as part of the €31 billion recapitalisation of the former Anglo Irish Bank and EBS. The move was enabled by the 2008 Credit Institutions (Financial Support) Act, the legislation behind the bank guarantee.

Today's 68-page judgment notes that political decisions from this time remain hugely controversial.

The court says it is not its job to review the wisdom of those decisions, but rather to address whether the procedures used by the Finance Minister in the wake of the Act were lawful.

It says at the heart of Joan Collins's case is whether public monies can be designated without an upper limit being specified by a Dail vote or a law. The three judge divisional court has ruled that the Finance Minister acted within the terms of the 2008 legislation.

It notes that it was enacted in the 'torrid early days of October 2008 against a backdrop of a major international crisis which seriously threatened the economic well-being of the State'.

It concludes that in that 'fluid and dynamic situation' the Minister could not have provided any reliable estimate to the Dail about the precise amounts of financial support the banks would ultimately require which in the end exceeded the 'worst fears and forecasts'.

The court ruled the money was paid out of what is known as 'non voted expenditure'. It has also found the 2008 Act has sufficient safeguards to meet the Constitutional requirements relating to the delegation of powers.

It concludes the legislation does not invest the Minister for Finance with an uncontrolled discretion to provide financial support to institutions.

Reacting to the ruling Deputy Collins said she was disappointed.

The Dublin South-Central TD told reporters she has yet to decide whether to appeal the ruling. The issue of costs will be dealt with at a later date.