Oireachtas Joint and Select Committees

Thursday, 10 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Marco Buti:

Yes, the EFSF, exactly. So what we had when it was decided it was too large and then, based on strong ownership and strong implementation of the programme, subsequently in two stages - I indicated before - actually we came to elimination of the margin, which improved, I think, very substantially. If I'm not mistaken, I think between €4 billion and €5 billion saved in terms of interest payments due to the reduction ... to the elimination of the margin. So, this was what was done at the time, initially let's say, to match the IMF rate and then rewarding the good implementation over time and substantially improving the sustainability of public finances.

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