Oireachtas Joint and Select Committees

Thursday, 14 December 2017

Public Accounts Committee

2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation

9:00 am

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

We need an exact wording but we understand the request.

Before the witnesses leave I want to address two things. The promissory note covered ten years and it had seven or eight years left when it became a sovereign bond. When that happened we were told how much we would save in the next ten years because of the reduced interest rate. However, that was only part of the picture. The Department of Finance only put out part of the picture. There is an ongoing interest commitment beyond ten years on that sovereign bond.

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