Oireachtas Joint and Select Committees
Wednesday, 26 March 2014
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Draft Heads of Central Bank Bill 2014: Department of Finance
3:55 pm
Mr. Feargal Ó Brolcháin:
The interest on the Greek loan facility is separate. This is a separate measure. This relates to an imputed profit, or the equivalent of the profit that would accrue to the Irish Central Bank from the securities market programme purchases of Greek Government bonds.
The interest to which the Deputy refers is the interest on the euro area loan facility, which we call the Greek loan facility. We had an initial participation of some €345 million before we went into a programme. The interest on that is reducing. That was the subject of the legislation last year. It was part of these measures.