Oireachtas Joint and Select Committees

Wednesday, 26 March 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Draft Heads of Central Bank Bill 2014: Department of Finance

4:45 pm

Photo of Richard Boyd BarrettRichard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

No, I fully get that, because we are not talking about the interest, which is a different matter that was discussed earlier. However, if the bonds were not redeemed, we would not get our money back. Am I correct? I ask just so members know. As it happens, I still believe we probably should do it because it is a benign thing to do but if members are passing or discussing legislation, they should know what is involved. In this case, what is involved is that Ireland will be paying out money from the Central Fund in anticipation of making a profit from these bonds if they are redeemed. The assumption is they will be redeemed but it is possible that they might not be redeemed.

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