Seán Fleming (Laois, Fianna Fail) | Oireachtas source

I thank Mr. O'Kelly. Before I invite Deputy Rock to contribute, I wish to ask Mr. O’Kelly a question on the national interest payment. I am reading from a schedule on government debt and gross debt in 2015, the source being the European Commission. It gives for each EU member state the level of gross debt, the interest payable as a percentage of GDP, the interest payable in actual monetary terms, and the implicit interest rate. I am quoting the European Commission documents supplied to me by the Oireachtas Library. I can provide copies if those present do not have them already. What shocked me on reading the documents is that Ireland paid approximately €6.7 billion in interest in 2015. The implicit interest rate was 3.3%. Everybody knows Greece has had a very difficult time. Its implicit interest rate for 2015 was 2.1%. That means it is borrowing at a rate substantially lower than that at which Ireland is borrowing.