Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

The reason I am specifically raising the cost of finance is that I see from the report of the Comptroller and Auditor General issued last week that the average cost of finance in respect of the national debt is about 4%. I do not see a reason the State and the taxpayer should have to pay a finance charge of more than 5% on a figure of €4 billion to €5 billion. If we were to save 1% on the finance charge on a figure of €4 billion, there would be a saving of €40 million next year. If Mr. Watt were to get a reduction in the rate from 5% to 4% in line with the cost of finance on all other State borrowings, he would save the taxpayer €40 million in the budget figures next week.