Lawyers representing the State in the ongoing promissory note appeal have told the Supreme Court that not every imposition of a charge from the Central Fund requires pre-quantification or pre-approval by the Oireachtas.
Senior Counsel Michael McDowell was opening the State's case in reply to the appeal by outgoing Independent TD Joan Collins against the rejection of her challenge to the Minister for Finance's decision to issue €30bn in promissory notes in favour of Anglo Irish Bank and other financial institutions.
Ms Collins argues the Promissory Notes are invalid and illegal because they were not quantified in advance and no outer limit on them was imposed and they were not approved by the Oireachtas.
The promissory notes were effectively 'IOU' notes from the State which allowed Anglo and the Educational Building Society to get emergency funding from the Central Bank in 2010.
The High Court ruled in November 2013 that the promissory notes were validly issued under a law which was constitutional.
Mr McDowell said the power given to the minister under 2008 legislation was not unlimited power.
He said the Credit Institutions (Financial Support) Act of 2008 did not give the minister power to simply appropriate public funds without any duty attached to it.
He said the power of the State must reside in a constitutional framework but not every imposition of a charge on the central fund required prior qualification or pre-approval.