Oireachtas Joint and Select Committees
Thursday, 19 April 2018
Public Accounts Committee
Chapter 1 - Exchequer Financial Outturn for 2016
Chapter 2 - Government Debt
Chapter 24 - Irish Fiscal Advisory Council
9:00 am
Mr. Gary Tobin:
I would like to point out that the debt interest costs are coming down. I am aware that we are looking at the 2016 accounts today but if debt interest, for example, in 2018 is forecast to be €5.9 billion it reflects the fact that interest rates generally are very low. The NTMA is able to retire more expensive debt and then refinance at lower rates. To answer the Deputy's point, it is still a very high amount of money.
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