Oireachtas Joint and Select Committees

Thursday, 6 July 2017

Public Accounts Committee

2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015

9:00 am

Photo of Seán FlemingSeán Fleming (Laois, Fianna Fail) | Oireachtas source

I have two other questions on which Mr. Moran might give us some information. Looking at the AIB sale again, given that money was borrowed to buy out AIB, now that the State has got some of that money back, it has to go back against the borrowings as a financial transaction. I understand that. Has the Department calculated the interest that Irish taxpayers paid through current revenue on the borrowings to bail out AIB since 2008, since the bailout? I would expect a minimum of that because it was interest paid on a year-by-year basis that came out of current revenues. We could argue about capital, but there is a strong case that part of the proceeds of the sale of AIB should go back to recouping the interest that we paid on the bailout of AIB as a minimum. What are the Department's figures on that equation and where are we on that?

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