Oireachtas Joint and Select Committees
Thursday, 7 November 2013
Public Accounts Committee
Bord na gCon - Annual Accounts 2011
10:50 am
Mr. Michael Murnane:
The interest-only portion of the loan, €12.5 million, is on interest only as per the agreement with the bank which, I believe, was entered into in 2009. So that is as per the contract with the bank. Currently we have a heads of terms of agreement with our bank, which we are hoping to finalise next week, whereby we are going to start a capital repayment programme commencing from 2014.