Oireachtas Joint and Select Committees
Wednesday, 16 April 2014
Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance
Central Bank Bill 2014: Committee Stage
6:20 pm
Michael Noonan (Limerick City, Fine Gael) | Oireachtas source
The SMP has been discontinued by the ECB. The amount invested in the fund has dropped from over €200 million to €178 million as the loans mature. It has been replaced by the OMT, outright monetary transactions, a clever device announced by Mr. Draghi which has never been used but has been very effective. There is no point in revisiting a scheme that is now obsolete as far as the ECB is concerned.
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