Oireachtas Joint and Select Committees
Thursday, 30 November 2023
Public Accounts Committee
Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
9:30 am
Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source
There is still a vulnerability there. An upward curve in interest rates would alter the situation significantly because of the sheer amount of the debt. It is a very high amount. The servicing of it is manageable at this point because the interest rate is 1.2% to 1.5% across the deck. However, if the rate were to fluctuate upwards by 1% or 1.5%, it would change things dramatically. We would be looking at a service cost of €8 billion a year.
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