Oireachtas Joint and Select Committees

Thursday, 28 June 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Sale of Promissory Note Bonds: Discussion

9:30 am

Mr. Diarmuid O'Flynn:

No, nothing. We bailed them out once by pouring money into them, but in Ireland we are bailing them out a second time because they get their money through the ECB at a zero percentage rate and then lend it. They have a licence to print money. They charge an interest rate of 4% or 5%. Our interest rates are way above what they are elsewhere in Europe. In Ireland we are bailing out the banks a second time through the interest rates at which we are paying.

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