Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

A total of 80% of it comes back the following year as excess profits from the Central Bank. When the paper is sold, it is sold to a private sector investor. One therefore pays the full coupon but there would not be a return on it. On the other hand, because of the falling interest rates, which have gone down so much since we made the arrangement last year, the nominal value of the Irish paper held by the Central Bank has gone up by approximately €4 billion and, therefore, any sale now will show a capital gain and that will come back to the Exchequer. One would need time to do all the calculations and the pluses and minuses.