Kevin Humphreys (Dublin South East, Labour)
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I would like to revisit an old chestnut that I always seem to raise with Professor Honohan. The Central Bank recently published an extremely interesting document looking at the effectiveness of the security market programmes in stabilising Irish bond yields. Have Professor Honohan or his colleagues examined the purchase prices of the billions of Irish bonds currently held by the European Central Bank, the times of the bonds and the amount of profits that have been made on this? Since last I raised this matter with him, has Professor Honohan discussed with any of the other central bank governors in Europe the arrangements for these profits to be given back to Ireland, in line with the agreement that was put in place in the case of Greece? Does he believe it is appropriate that we are being discriminated against in such a way by the euro system? I do not want to hear again that Ireland is not Greece. Although I have read the report, I cannot put a figure on the profits. It has been suggested that the level of the profits is €2 billion or €3 billion. Perhaps the officials from the Central Bank can take the figures out of this study and give us a precise figure for the profits that are being made. In light of the current discussions on what to do with €500 million in our current budget, one way or another, it would be of benefit if we could get our hands on this possible €2 billion or €3 billion. Can Professor Honohan give me a precise figure in this regard? I know the money is shared around the different central banks. We will get some small amount of that profit. I believe we should receive the same deal that Greece got. We should receive those profits. I want to know what conversations have been taking place. Has a figure been put on those profits?