Three TDs went to the High Court yesterday to support a businessman’s challenge to the State’s decision to pay promissory notes under which €31 billion, so far, has been paid in aid of Irish financial institutions.

Independent TDs Shane Ross and Stephen Donnelly and People Before Profit TD Joan Collins are supporting David Hall’s challenge to the legality of the notes. Mr Ross and Mr Donnelly have also written to Minister for Finance Michael Noonan saying they would take legal action if he enters into an agreement to restructure the notes without the approval of the Dáil, the court also heard.

In his action, Mr Hall, Castleknock, Dublin, wants to prevent the State making payments on foot of the notes issued in favour of Irish Bank Resolution Corporation (IBRC and the former Anglo Irish Bank), Educational Building Society and Irish Nationwide Building Society.

Following closing submissions, president of the High Court Mr Justice Nicholas Kearns said he had a lot of things to think about and was reserving judgment.