Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

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

Well, once I finish it. And then we got permission to refinance the IMF loans. I always said the IMF loans were worth €1.5 billion to us but the Commission's assessment of that was €2.1 billion, and the way it's working out now, it's ... they're nearer to being right than we were. We're always very conservative in the claims we make, you know. So that was the next piece of it. And then I have a general instruction after conversations with NTMA to refinance anything, any instrument they're holding; if they can refinance it at a lower cost, to do it. So they're doing bits and bobs on it.

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