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
Mr. Conor O'Kelly:
As interest rates come down, the price of all bonds goes up. That is the other side of that coin. They all mature at €100 million, or at par, but as they are marked to market, they would differ if one was to intervene rather than to wait until they mature. That is why we wait for them to refinance because we do not want to pay a premium. They refinance at €100 million and then we issue €100 million.
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