Professor Patrick Honohan:

Yes, now, the ... as I understood it, but the NTMA people might have a little bit more visibility on this because that was really their special bailiwick. The principle that had been adopted by the European lenders was that they would charge the same interest rate as the IMF and the IMF has a set of rules and you just have to look it up. But why is it uncertain and complex? Well, the IMF ... it depends on what multiple of your quota and what would be included with the ... would the reserve tranche be included or not? The loans will be in SDRs ... well, do you want to hedge the risk of SDRs against euros? So it's quite complicated and there were some decisions to be taken by the Irish side and it worked out, in the end, when we swapped into euros at this number, whatever it was, 5.75, 5.8 ... when we started, we thought it was going to be around the five mark, but when the sums were done, it was ... it worked out even higher.