Oireachtas Joint and Select Committees

Thursday, 21 July 2016

Public Accounts Committee

2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015

9:00 am

Photo of Noel RockNoel Rock (Dublin North West, Fine Gael) | Oireachtas source

I thank Mr. O'Kelly for his introductory remarks. To pick up from where the Chairman left off on the bailout debt, the NTMA has paid back the majority, or €18 billion, in IMF loans. These were the most expensive loans from the troika era. The remaining loans are mostly from European institutions and bilateral loans from the UK, Sweden and Denmark. Are the effective costs on all these borrowings equivalent to each other or do any still stand out as being more expensive? If so, will the NTMA seek approval to redeem the higher interest rate loans first?

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