A deal has been done between the government and the European Central Bank (ECB) on the Anglo promissory notes.

The agreement at the ECB Governing Council in Frankfurt comes in the wake of the liquidation of the Irish Bank Resolution Corporation (IBRC) overnight.

Details of the agreement are expected at an ECB press conference this afternoon.

A Cabinet meeting has also been called so that Ministers can sign-off on the deal.

Newstalk's Business Editor Ian Guider has the latest.