Oireachtas Joint and Select Committees
Wednesday, 31 October 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Operations and Functioning of IBRC: Discussion
11:00 am
Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source
At the end of March each year, the State provides €3.1 billion, some of which is in interest given how the pro-note is structured and some of it is in capital. IBRC takes the €3.1 billion and transfers that to the Central Bank to pay down the liabilities it has to the euro system in the Central Bank of Ireland. The bank does not retain any of the interest paid.
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