Tanaiste Eamon Gilmore has defended the government's progress on the issue of Promissory Notes, saying the he hopes to have a deal struck by March.

The Government is currently in negotiation with the European Central Bank, in an effort to secure a new arrangement on the payment of tax-payer's money to Anglo Irish Bank.

The government is due to pay over €3.1 billion to the now-defunct bank in March of this year, something which the Tanaiste says he is reluctant to see happen.