Oireachtas Joint and Select Committees
Wednesday, 24 April 2013
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Fiscal Assessment Report 2013: Discussion with Irish Fiscal Advisory Council
4:45 pm
Dr. Donal Donovan:
The interest rate is pretty low. It is not 0% but there is a concessional rate on much of the debt of 3% or thereabouts. The debt associated with the ECB portion has an interest rate of less than 1% when we work through all the accounting. It would be great if it was 0% but it is still actually substantial support from the lenders. They are doing it partly in their own interest but I would not take for granted the fact that we are getting a very low interest rate that is highly subsidised and we are getting it for a very lengthy period.
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