The High Court has dismissed a legal challenge to the Government's use of promissory notes, ruling that businessman David Hall did not have the legal standing to take the case.

Mr Justice Nicholas Kearns said Mr Hall was not entitled to bring this case as it would properly be brought by a member of Dáil Éireann.

He said that Mr Hall had not shown that he had suffered prejudice that put him in a different position from any other taxpayer.

Mr Justice Kearns pointed out that the three-year delay in bringing the case must be afforded particular weight.

Mr Hall said he was disappointed by the decision and he will go to the Supreme Court tomorrow to seek an early date for an appeal.

Independent TDs Stephen Donnelly and Shane Ross, who had supported Mr Hall's case, said they were considering whether to take their own action, but must first study the judgment.